SEOUL, Korea & AUSTIN, Texas--(BUSINESS WIRE)--Today SK Group, Korea’s third-largest conglomerate, announces an additional $19 million investment in US-based HelioVolt Corporation’s commercial expansion. HelioVolt manufactures monolithically integrated CIGS (Copper, Indium, Gallium, Selenium) modules. Founded in 2001 with a strong focus on manufacturing technology development, HelioVolt is expanding its commercialization efforts.
After several years of limited commercial product shipments from its current facility in Austin, TX, HelioVolt is preparing for global capacity expansion. The company is not yet disclosing information about future factories, though it does acknowledge its intent to expand its product areas to include innovative solutions for residential and commercial applications in addition to utility scale projects.
“Our efforts to continually improve upon our product and processes are achieving significant results,” says HelioVolt’s Chief Financial Officer, Steve Darnell. Commenting on the company’s survival through a downturn economy and intensely competitive environment for solar module manufacturers, he credits the strength of the company’s technology and its focus on innovation. “HelioVolt is thrilled to be part of a vibrant local clean tech economy. Our participation in such pioneering efforts as the Pecan Street Project and Austin Energy’s solar initiatives gives HelioVolt an advantage when it comes to innovative product development.”
HelioVolt’s founder and Chief Science Officer, Dr. B.J. Stanbery commented, “Through the company’s work with the Department of Energy’s SunShot Technical Assistance program at its Regional Test Centers, we will provide independent third-party performance and reliability validation.”
SK Group covers a broad spectrum of businesses through its 75 subsidiaries and affiliate companies which share the SK brand and culture. SK is focusing on three core business domains which are "Energy and Chemicals," "Information and Telecommunications" and "Trading and Services." SK Innovation has been leading Korea's energy industry. SK's continuous innovation and R&D efforts have developed world-class competencies in the alternative and renewable energy sector. SK TIC (Technology Innovation Company), the center of technology-based growth of SK Group, is leading the company's technology-based new growth opportunities.
HelioVolt Corporation is a manufacturer of high-efficiency thin-film solar modules. The company's rapid manufacturing process produces high-efficiency modules at low-cost, uniquely positioning the company to compete in the global solar market. In total, HelioVolt has raised over $200M to fund the company's move to volume production and international expansion. For additional information visit www.heliovolt.com.