Silicon ink, a new innovation in nanotechnology, may revolutionize the way that solar panels are produced and dramatically cut solar energy costs. The company that makes the ink, Innovalight, will announce today $28 million in new funding from Norwegian corporation Convexa Capital, as well as plans for a 30,000-square-foot manufacturing facility, writes the San Jose Mercury News.
The company has shown up on the US Energy Department's radar, too, and the two have begun collaborating. Innovalight boasts the ink could be used to manufacture solar cells yielding power for under 50 cents a watt; the going retail price per watt in the US right now is $4.84. "We describe ourselves as having the Coca-Cola formula," said Innovalight CEO Conrad Burke. (Read more solar energy stories.)