FTL Solar Takes First Step Toward $50M By Staff

FTL Solar, a developer of lightweight, flexible structures embedded with thin-film solar cells, said it has closed a first round of?funding on its way to an eventual $50 million. Terra Firma Capital Group, the Josh Mailman Foundation and individual investors provided the funding.

Neither the amount raised thus far nor a valuation were disclosed. The company also was awarded a $200,000 matching grant from the New York State?Energy Research Development Authority.

FTL said it plans to raise a total of $50 million in equity by the end of the fourth quarter to expand its domestic and international research and development, marketing and business development initiatives.

The company said its flexible solar cell technology is in use by the U.S. Department of Defense, FEMA, Solar Net, Solar Power & Light, and the Cooper-Hewitt National Design Museum of the Smithsonian Institution.

Robert Lerner, co-founder and chief operations officer of FTL, said in a statement that the company's products "can generate power anywhere on earth where there is sunlight, and can operate maintenance-free in excess of ten years."Based in New York, FTL Solar is an independent spin-off of FTL Design Engineering Studio, which was founded in 1977. http://www.ftlsolar.com

Return to press releases