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Innotech Solar ASA
Rombaksveien 47
P.O.Box 183
NO-8503 Narvik
Norway
Phone:
+47 76 92 26 00
Series A funding completed & grants received
Innotech Solar today announces that the company has completed another funding round - Series A - with NorthZone Venture. Innovation Norway also supports the R&D work in ITS with a grant of 8 NOK Million and a favorable loan of 4 NOK Million.
The company has in short time developed very quickly, and a strong and experienced team is now in place," says Chairman Tellef Thorleifsson. "We have strengthened our believes that ITS is an interesting case, and it is fun to establish such a spin off in Narvik. NorthZone Venture thus has decided to invest additional 10 NOK Million in equity in ITS. In total NorthZone has in the past 6 months invested 17 NOK Million."
Innovation Norway has also decided to give a grant of 8 NOK Million and a favorable loan of 4 NOK Million to ITS in connection with the establishment of the first factory in Narvik. "Innovation Norway has had a thorough process reviewing our application, and the fact that ITS receives such significant support we consider a clear sign of quality, innovation potential, business idea and team" says Thorleifsson.
15th December 2008
