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Ambient Photonics Closes $17.5M in Equipment Financing to Support Opening of U.S.-based Manufacturing Facility

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Ambient Photonics has secured an additional $17.5 million in debt financing from Trinity Capital and Silicon Valley Bank, raising its total funding to $48.5 million. The funds will support the establishment of the world's largest low-light solar cell manufacturing facility in the U.S.. This facility aims to provide low-cost, high-power solar cells to the IoT market, significantly reducing battery usage and carbon footprint by up to 80%.

Positive
  • Total funding raised increases to $48.5 million.
  • Establishment of the world's largest low-light solar cell facility.
  • Technology significantly reduces carbon footprint by up to 80%.
Negative
  • None.

Debt financing provided by Silicon Valley Bank and Trinity Capital brings recent funding to $48.5M

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Ambient Photonics has completed the initial financing for its state-of-the-art U.S. solar manufacturing facility. Silicon Valley Bank and Trinity Capital have added $17.5 million in debt financing to the company’s previously announced equity investments of $31 million, raising Ambient’s combined equity and debt funding to $48.5 million. The debt financing lenders now join Amazon’s Climate Pledge Fund, Ecosystem Integrity Fund (EIF), Cthulhu Ventures, Tony Fadell’s Future Shape and I Squared Capital in support of climate-friendly U.S. manufacturing.

Ambient Photonics completes initial financing for state-of-the-art U.S. solar manufacturing facility with <money>$17.5 million</money> in debt financing from Silicon Valley Bank and Trinity Capital. (Graphic: Business Wire)

Ambient Photonics completes initial financing for state-of-the-art U.S. solar manufacturing facility with $17.5 million in debt financing from Silicon Valley Bank and Trinity Capital. (Graphic: Business Wire)

This financing further supports Ambient’s plan to open the world’s largest low-light solar cell production facility, based in the U.S., to scale low-cost, high-power solar cells to the mass IoT market for the first time.

“We know that securing such significant Series A funding is a testament to Ambient’s potential to create a more sustainable, connected world,” said Ambient CEO Bates Marshall. “By putting debt capital to work from leading lenders like SVB and Trinity Capital, along with the equity capital already raised this round, we will establish the U.S. as a major center of energy harvesting technology manufacturing.”

Ambient’s low-light solar cells eliminate the landfill waste associated with disposable and rechargeable batteries in connected devices and reduce the carbon footprint of battery-powered devices by up to 80 percent. By harvesting energy across the entire light spectrum, Ambient technology generates more than three times more power than conventional technology from the natural and artificial light in the surrounding environment.

“SVB is proud to work with startups like Ambient who bring together innovation and talent to solve the world’s most pressing issues. We are excited to support their continued growth and build out of a factory that will create U.S. jobs with global impact,” said Jordan Kanis, managing director of climate technology and sustainability at Silicon Valley Bank.

“Ambient’s rapid growth and progress toward high volume production is as equally impressive as their technology, and we are excited to support their journey in bringing more manufacturing to the U.S.,” said Ben Malcolmson, director of equipment finance at Trinity Capital.

To learn more about endless power and energy harvesting for connected devices, download the Ambient Technology Brief here: ambientphotonics.com/technology.

About Ambient Photonics

Ambient Photonics was founded in 2019 in California to bring low-light energy harvesting technology to mass scale. Ambient’s technology was originally developed at the Warner Babcock Institute for Green Chemistry and funded at inception by Cthulhu Ventures LLC. The company’s low light solar PV cells deliver ground-breaking power density from a broader spectrum of ambient light, inspiring a new era in connected device form and function. Ambient works with leading global smart home and IoT device manufacturers on embedded solar cells to deliver superior design possibilities, performance, sustainability and consumer convenience. Explore endless power at: ambientphotonics.com.

About Silicon Valley Bank

Silicon Valley Bank, the bank of the world’s most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB’s core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN and TRINL), an internally managed business development company, is a leading provider of diversified financial solutions to growth-stage companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments including term loans, equipment financings and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies. For more information, please visit www.trinitycap.com.

Christine Bennett for Ambient Photonics

christine@cleantechcommunication.com | +1 925.330.4783

Source: Ambient Photonics

FAQ

What is the total funding raised by Ambient Photonics as of September 2022?

Ambient Photonics has raised a total of $48.5 million in funding.

Who provided the latest $17.5 million debt financing for Ambient Photonics?

The latest $17.5 million debt financing was provided by Trinity Capital and Silicon Valley Bank.

How does Ambient Photonics' technology impact battery usage in IoT devices?

Ambient Photonics' low-light solar cells reduce the need for disposable and rechargeable batteries, decreasing the carbon footprint of devices by up to 80%.

What is the purpose of the new solar manufacturing facility announced by Ambient Photonics?

The new solar manufacturing facility aims to scale low-cost, high-power solar cells for the mass IoT market.

When was the additional financing for Ambient Photonics announced?

The additional financing was announced in September 2022.

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