"Clean energy technologies will provide a vital foundation for 21st century economies, and we were greatly impressed with the potential we saw in Energy Innovations," said MDV general partner Erik Straser, who will join the Energy Innovations board of directors. "They have made some important breakthroughs that have the potential to drive down the cost of solar electricity, and we look forward to working with them on commercializing these new technologies."
"We are proud of the role EI is playing in shaping the solar energy market," said Bill Gross, CEO of Idealab and founder of Energy Innovations. "The company is executing on the original vision to lower the cost of solar energy and develop powerful solutions that make economic sense for businesses worldwide. We are thrilled to welcome MDV as a partner and look forward to the tremendous impact we know will come with their contributions."
"MDV's history of backing fundamentally important technology companies will help us accelerate our growth and customer reach," said Andrew Beebe, president of Energy Innovations. "We've got a long road ahead of us, and it's great to have MDV by our side. As important as the financial backing, we value MDV's knowledge and industry depth, and we look forward to their guidance as we attempt to meet the needs of the thousands of businesses and institutions looking for cost-effective renewable power."
Energy Innovations is developing a new low-cost rooftop solar system, called the Sunflower. Each Sunflower module is composed of an array of mirrors that track the sun throughout the day and year, concentrating its light onto a small panel of PV cells that generate electricity. By replacing large amounts of very expensive, silicon-based PV cells with inexpensive mirrors, Energy Innovations expects to drive down the cost of solar electricity by half or more.
The company is currently testing the Sunflower on its own roof in Pasadena and will soon be rolling out additional test units to sites in different climate zones. Following Underwriters Laboratory certification later this year, Energy Innovations' subsidiary, EI Solutions, will begin installing Sunflower systems on customer rooftops in the fourth quarter. The system is designed to meet the electrical needs of grid-tied, flat-roofed commercial, government and other institutional buildings, the fastest-growing segment of the solar market. Additional information on this system can be found at www.energyinnovations.com.
About Energy Innovations
Energy Innovations was founded in 2000 by entrepreneur and current CEO, Bill Gross, to deliver cost-effective, grid-competitive solar electric power. The company is developing the world's first mass-produced rooftop photovoltaic tracking concentrator system, called the Sunflower, designed to bring the cost of solar below that of utility-supplied electricity. Energy Innovations is an operating company of Idealab, a creator and operator of technology businesses.
About MDV-Mohr Davidow Ventures
MDV invests in innovative entrepreneurs with deep expertise in energy and materials, life science, software and Internet services, networking and semiconductors. Since its formation as an early stage venture capital firm in 1983, MDV has built a reputation among entrepreneurs as a partner by taking a hands-on approach to investments and working skillfully to architect and build successful companies. MDV partners and the firm's extended network of industry experts bring years of real-world experience to accelerate each company's time to market and optimize its long-term success. Some MDV funded companies that have gone public or were acquired include: Agile; Auspex; Broadbase (KANA); Brocade; Epigram (BRCM); FormFactor; Freshwater Software (MERQ); Ipsilon Networks (NOK); Kalpana (CSCO); Numerical Technologies (SNPS); ONI Systems (CIEN); Pivotal Technologies (BRCM); Rambus; Vantive; Vitesse; and Zip2 (AltaVista). The firm has $1.4 billion under management. For more information visit www.mdv.com, an early stage venture capital firm.
Idealab's mission is to create and operate pioneering technology companies. Founded in 1996 by entrepreneur Bill Gross, Idealab provides a broad range of operational support to its companies, allowing the operating company management teams to focus on getting to market quickly and cost-effectively, and to take advantage of the serial start-up experience of the Idealab team. Bill Gross and Idealab have founded companies such as Overture Services, Inc., CitySearch, Picasa, CarsDirect and X1 Technologies. Current operating companies are providing innovative technology solutions in industries such as software, search, wireless and alternative energy fields. Additional information can be found at www.idealab.com.
Energy Innovations is a trademark of Energy Innovations, Inc. All other trademarks and registered trademarks are the property of their respective owners. (C) 2005 All rights reserved.