Xunlight Awarded $34.5 Million Tax Credit

This Advanced Energy Manufacturing Tax Credit, awarded through partnership with the United States Department of Treasury and Department of Energy, was designed to encourage taxpayers to re-equip, expand or establish manufacturing facilities for the production of certain energy related property. As an innovative manufacturer of advanced thin-film solar modules and module manufacturing equipment, Xunlight Corporation is a qualified recipient of the clean energy manufacturing tax credit.

The tax credits were awarded based upon a number of criteria, including commercial viability, job creation, technological innovation, speed to completion and environmental factors. In 2009, Xunlight completed the installation of its first 25MW roll-to-roll PECVD solar cell production equipment and has outlined a detailed plan to expand its production capacity to 100MW over the next several years. This Advanced Energy Manufacturing Tax Credit will be an integral piece in helping the company achieve large scale commercialization in a cost effective manner.

"Xunlight would like to express its appreciation to the Department of Energy and the Department of Treasury for this manufacturing tax credit," stated Dr. Xunming Deng, Chief Executive Officer of Xunlight Corporation. "It will provide tremendous financial assistance to the company as we embark on the next stage of our growth."

Xunlight Corporation engages in the development, manufacture, and marketing of lightweight and flexible photovoltaic modules that convert sunlight into electricity. Xunlight has received over $40 million of institutional investments from Emerald Technology Ventures, Trident Capital, NGP Energy Technology Partners, and Rabo Ventures.

The Company has also received over $13 million of R&D funding from the US Department of Energy, US Department of Commerce and Ohio Department of Development (ODOD) and over $11 million in loans from the State of Ohio to develop its products and manufacturing process. Xunlight has been featured on Newsweek, Wall Street Journal, CNN, FOX News, The New York Times, the Associated Press, ABC World News, and The Economist. The company is headquartered in a 122,000 sqft manufacturing facility in Toledo, Ohio.