UPDATE 3-DuPont buys solar tech company Innovalight

Mon Jul 25, 2011 6:04pm GMT
 

* Financial details of deal not disclosed

* Innovalight silicon ink boosts efficiency of solar cells

* DuPont sees $2 bln in sales to solar sector by 2014 (Adds executive comments, background, byline; changes dateline, pvs NEW YORK)

By Nichola Groom

LOS ANGELES, July 25 (Reuters) - Chemical company DuPont(DD.N: Quote) said on Monday it bought solar technology start-up Innovalight Inc in a move to help double sales to the solar industry to $2 billion by 2014.

Financial terms of the deal were not disclosed.

Innovalight's silicon ink is used by solar cell makers to raise the efficiency of the semiconducting material and reduce the cost of solar power.

The venture-backed company is based in Sunnyvale, California, where it also does all of its manufacturing. Most of its customers are based in Asia, and include major Chinese solar companies JinkoSolar Holding Co Ltd (JKS.N: Quote), Yingli Green Energy Holding Co Ltd (YGE.N: Quote) and JA Solar Holdings Co Ltd (JASO.O: Quote).

"In partnership with DuPont we can do a lot more than we would have otherwise been able to do on our own," Conrad Burke, who had been CEO of Innovalight, said in an interview. Burke is now taking on the position of general manager, DuPont Innovalight.   Continued...

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