FOR IMMEDIATE RELEASE;
June 4, 2008
FTL SOLAR CLOSES SUCCESSFUL SERIES A FINANCING
Terra Firma Capital Group, Josh Mailman Foundation,
Angel Investors, Complete Phase I of Solar
Tech Company's Aggressive $50+ Million Investment
Strategy
New York, NY – June 4, 2008 – FTL
Solar, a developer of lightweight, flexible
tensile structures embedded with thin-film
solar cells providing military and commercial
enterprises with economical, scalable and
portable sources of electrical power and
shelter, announced today that the Company
had closed a successful first round of funding,
as Phase I of the Companies $50 million
capital acquisition initiative.
The financing, spearheaded by Austin, TX
based Terra Firma Capital Group, LLC, The
Josh Mailman Foundation and individual investors,
completes the initial phase of FTL Solar's
robust investment strategy, which is projected
to raise at least $50 million in equity
capital by Q4 2008. In addition to funds
provided by the Company’s investors,
FTL Solar was awarded a $200,000 matching
grant from the New York State Energy Research
Development Authority.
Proceeds from the present and subsequent
rounds of funding will be used to expand
FTL Solar's domestic and international R&D,
Plant, Marketing and Business Development
initiatives.
"Today, FTL Solar is the first provider
in the world for flexible, transportable
and lightweight energy generation products
and structures using a flexible solar cell
and structural fabric solution," said
Todd Dalland FAIA, Co-Founder and Chairman
of FTL Solar.
The U.S. Department of Defense, FEMA, Solar
Net, Solar Power & Light, and the Cooper-Hewitt
National Design Museum of the Smithsonian
Institution, are among a fast-growing group
of governmental, commercial, academic and
cultural leaders using FTL Solar's proprietary
flexible solar cell and shelter solutions
to accomplish a range of critical tasks.
Atlanta’s Olympic Games National Park
and NY Fashion Week, have all utilized FTL’s
structural, design and engineering expertise.
"FTL Solar’s products can generate
power anywhere on earth where there is sunlight,
and can operate maintenance-free in excess
of ten years," said Robert Lerner AIA,
FTL Solar’s Co-founder and COO.
"Our defense and corporate clients
can adapt our power generating units to
almost every task, from small installations
which can power residential needs, charge
lap-tops, cell phones, power water purification
and sanitation systems, to large-scale megawatt-generating
solar farms," said Tony Saxton, CEO
of FTL Solar.
Marketing and distribution of FTL Solar
products is facilitated through the Allbaugh
Group, headed by Joe Allbaugh, the former
Director of FEMA (2000-2003) and the Repton
Group.
FTL Solar's successful capital acquisition
and growth strategies reflect positive,
sustainable trends within the alternative
energy sector. For 2007, private equity
led investments in solar power totaled $3.0
billion dollars. FTL Solar's award winning
technologies and products provide innovative
power solutions to a global market with
an estimated value of $11.2 billion dollars.
ABOUT FTL SOLAR:
FTL Solar is the world's first creator of flexible, tensile structures integrated with thin film solar cells, which can be used for power-generation and shelter. FTL Solar is an independent spin-off of FTL Design Engineering Studio, founded in 1977 by Todd Dalland. In 1998, FTL Design Engineering Studio designed and produced the world’s first tensile structure featuring thin film solar cell technologies. The Company enjoys a 30-year leadership position in the manufacture of tensile structures and has been the world’s leading provider of flexible photovoltaic fabrics since 1998.
FTL licensed product designs have generated more than $2 billion dollars in sales. The Company has received over 50 design awards. FTL technologies have been featured on CNN, NBC Weekend Today, The Science Channel and The Discovery Channel. Discover how FTL Solar products generate power that is sustainable, secure and independent at: www.ftlsolar.com.
PLEASE CONTACT:
FTL Solar
800-385-7697
info@ftlsolar.com
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