@Ventures Continues To Invest In Clean Energy Technologies; Follow-On Investment Made in Advent Solar.WALTHAM, Mass. -- CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , Inc. (Nasdaq: CMGI) announced today that @Ventures, its venture capital affiliate, has made an additional $4.75 million investment in Advent Solar, Inc. as part of the company's $30 million Series C funding round. @Ventures initially invested in Advent Solar's Series B investment round in December, 2004 with an investment commitment of $2.5 million. The Series C round announced today was led by Battery Ventures at an increase in valuation over the Series B investment. Advent Solar, a solar cell solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. and module manufacturing company, develops photovoltaic The generation of voltage by a material that is exposed to light in the visible and invisible ranges. See photoelectric and photovoltaic cell. technology to convert sunlight into electricity. With its patented innovations in solar cell design and manufacturing, Advent Solar expects to be able to produce solar cells at a significantly lower cost than today's conventional solar cells. Unlike thin films and organic photovoltaic technologies under development today, Advent Solar's "back-contact" cells will enable streamlined manufacturing and the use of thinner silicon to achieve cost reductions, yet at the same time, to deliver the field-tested reliability and efficiency of traditional silicon solar cells. Advent Solar's Series C round of $30 million is one of the most significant investment rounds to date in a privately-held solar cell company. Based in Albuquerque, New Mexico “Albuquerque” redirects here. For other uses, see Albuquerque (disambiguation). Albuquerque (pronounced [ˈæl.bə.kɚ.kiː], Spanish: [al.βu. , the company was profiled by Governor Bill Richardson Content may change as the election approaches. as a key company in Mesa del Sol Mesa del Sol is a master-planned, 12,900-acre, mixed-use, New Urbanist community currently under development in Albuquerque, New Mexico. The master developer is Forest City Covington, a joint venture between Forest City Enterprises and Covington Capital. , a 12,000 acre economic development cluster receiving financial support from the State of New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). . "We believe this public sector recognition and significant private sector financial investment represents solid validation of the potential for Advent's innovative technology to be applied in a market that is already a multi-billion dollar industry and growing about 30% per year," said Peter Mills For the British Conservative Member of Parliament, see Peter Mills (UK politician). Peter Mills (born 1943) is an American politician, a Republican from Maine. He was born in Farmington, Maine, and grew up in Maine. , a founding partner and Managing Director of @Ventures. @Ventures has been making venture capital investments since 1995, focusing on early-stage technology companies in emerging but potentially large markets that can benefit from @Ventures' strategic and operational guidance. With the formation of @Ventures' fifth venture capital fund in mid-2004, @Ventures began targeting investments in the emerging and growing market for clean energy technologies, including alternative energy, energy efficiency, and water purification "CMGI, through @Ventures, continues to be committed to identifying and making early and mid-stage investments in promising technology companies," said Joseph C. Lawler, President and Chief Executive Officer of CMGI. "The clean energy technology market is a growing market with the emergence of new companies and innovative technologies. @Ventures will continue to evaluate companies and technologies in this market to identify new investment opportunities." About CMGI CMGI, Inc. (Nasdaq: CMGI), through its subsidiary, ModusLink, provides technology and products solutions that help businesses market, sell and distribute their products and services. In addition, CMGI's venture capital affiliate, @Ventures, invests in a variety of technology ventures. For additional information, see www.cmgi.com. About @Ventures @Ventures, CMGI's affiliated venture capital group, invests in early-stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 Internet, software, IT and clean energy companies. The primary focus of @Ventures' fifth fund, formed in 2004, is on investments in clean energy technologies, including alternative energy, energy efficiency, and water purification and management. For additional information, see www.ventures.com. 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 Sandia National Laboratories, which is managed and operated by the Sandia Corporation (a wholly owned subsidiary of Lockheed Martin Corporation), is a major United States Department of Energy research and development national laboratory with two locations, one in Albuquerque, New (SNL SNL Saturday Night Live SNL Sandia National Laboratories SNL School for New Learning (Depaul University) SNL Springfield News-Leader (Missouri newspaper) SnL Sweet N Low SNL Standard Nomenclature List ), 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 dramatically lower cost than conventional solar photovoltaic (PV) technology. For additional information, see www.adventsolar.com, or contact Tim Vatuone, Chief Financial Officer, at 505-243-1800 or tvatuone@adventsolar.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which address a variety of subjects including, for example, the expected achievements by Advent Solar and CMGI's potential benefits therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. . All statements other than statements of historical fact, including without limitation, those with respect to Advent Solar's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: Advent Solar's success, and in turn, CMGI's success depends on its ability to execute on its business strategy and the continued and increased demand for and market acceptance of Advent Solar's products and services. For a detailed discussion of cautionary statements that may affect CMGI's future results of operations and financial results, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us. |
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