Texas Invests in Solar Power Company

April 16, 2008

Texas Governor Rick Perry has announced that the state will invest $1 million from the Texas Enterprise Fund (TEF) in HelioVolt Corporation of Austin. The money will be used for the construction of a 125,000-square-foot manufacturing facility and development space to test and produce the company's thin-film solar power cells. The investment is expected to create about 160 jobs and $62 million in capital investment.

Texas competed with New York, Oklahoma, and Pennsylvania for the facility. The company cited the TEF award as instrumental in the decision to locate the facility in Austin.

Perry said, "HelioVolt's investment in this alternative energy technology will not only create more jobs in Texas but also help our state remain at the forefront of the renewable energy market. These advances will also help decrease our dependence on foreign energy sources."

HelioVolt, founded in 2001, uses thin-film solar materials made from the alloy Copper Indium Gallium Selenide (CIGS). The technology produces thinner, more absorbent, and less expensive solar modules than traditional silicon technology.

The legislature created the TEF in 2003 to support the growth of Texas businesses and create jobs throughout the state. To date, the TEF has invested in projects generating more than 51,400 new jobs and $13.6 billion in capital investment statewide.

For more information, see the governor's April 15 press release and the Texas Enterprise Fund Web site.

To read more about renewable energy and energy efficiency projects in Texas, see: