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@Ventures Invests in Solar Cell Manufacturer Advent Solar, Inc.
Waltham, Mass. — June 19, 2007 — @Ventures, the venture capital business of CMGI, Inc. (Nasdaq: CMGI), announced today that it has made a $3.0 million investment in Advent Solar’s recently-announced Series D financing round of more than $70 million.
@Ventures was one of Advent Solar’s first venture capital providers, investing in the company’s Series B investment round in late 2004 and again in Advent Solar’s Series C round in 2005.
New investors in Advent Solar’s Series D funding round include ZBI Ventures, Sun Mountain Capital, and Globespan Capital Partners. The company’s other existing investors -- Battery Ventures, Enertech Capital Partners, the New Mexico Co-Investment Partners, and Firelake Capital -- also participated in the Series D round.
“The new funds will enable us to expand faster in emerging geographical markets, accelerate our product development and extend the services organization to meet the demands of our growing number of customers,” said Rusty Schmit, President and CEO of Advent Solar.
Advent Solar is currently shipping products based on its proprietary emitter wrap-through (EWT) technology to customers around the world and is establishing a solid position in the rapidly growing solar photovoltaic market. The company expects to drive down the cost of solar power by leveraging the advantages of its unique technology, including the ability to use ultra-thin silicon wafers to minimize the consumption of silicon.
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About Advent Solar
Advent Solar, Inc. is a leading manufacturer of innovative solar cells and modules. Its unique, exclusive cell technology was originally developed at Sandia National Laboratories and is in a class of solar cells referred to as back-contact cells. This technology is the basis for Advent’s high performance products with the potential for dramatically lower cost than conventional solar photovoltaic technology.
Advent Solar is headquartered in Albuquerque, New Mexico. For more information, please visit www.adventsolar.com.
About @Ventures
@Ventures provides venture capital to early stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 software, Internet, and clean energy companies. The primary focus of @Ventures’ fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification technologies. For more information, visit www.ventures.com.
About CMGI
CMGI, Inc. (Nasdaq: CMGI), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI’s venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit www.cmgi.com.
