Earlier this week, the international chemical company DuPont finalized a deal with executives at Innovalight Inc. to add the California business to DuPont's roster of companies that are pioneering in clean energy technology. Both companies have refused to discuss the financial details of the sale.

Innovalight, which formed in Sunnyvale just 6 years ago, is focused on lowering the cost of solar energy. Specifically, Innovalight seeks to enhance the efficiency of individual solar panels by increasing the rate at which sunlight is converted into usable electricity.

The new venture fits well with DuPont's business model, company executives say. Solar energy brings in $1 billion for DuPont each year, with solar sales projected to top $2 billion by 2014.

DuPont sells materials to companies for the manufacture of solar panels, and has created many innovations to increase the amount of electricity that the cells generate. The company has supplied materials to Innovalight for several years, and executives expect a seamless transition.

"It was just a perfect fit, and it evolved in its own right into this excellent union," said Rob Cockerill, the new business manager for the combined DuPont - Innovalight venture. "We're very excited about driving forward in helping our customers reduce the cost of solar energy."

The goal of Innovalight, according to company founder Conrad Burke, is to make solar energy more competitive with other fuel sources. "Right now the trend and demand is to increase the efficiency of solar cells," he said. "This is a way for our customer to continue to improve." Burke founded Innovalight in 2005, and will continue with the company as the general manager of the combined DuPont Innovalight business.

Source: The News Journal, "DuPont to buy solar startup Innovalight," Jonathan Starkey, 25 July 2011