DuPont completes business negotiations with Innovalight
The two companies will link up in an effort to grow solar market revenue.
DuPont has completed international business negotiations with solar technology firm Innovalight.
The former has set a goal of $2 billion (£1.2 billion) in revenue from sales in the photovoltaic market by 2014 and it is hoped the acquisition of the latter will help it to achieve this target.
David Miller, president of electronics and communications at DuPont, noted his company is in a position to help Innovalight speed up the adoption of "very exciting technology that improves cell efficiency".
"DuPont and Innovalight share a commitment to innovation in materials that have a common purpose," he noted.
Founder of Innovalight Conrad Burke noted the two groups will complement each other as they seek solutions to the world's current energy problems.
Now that contract negotiations have ended, the organisations can look forward to their new venture.
It comes shortly after DuPont announced it was going into a partnership with AquaChile that will unify their expertise around the issue of aquaculture.
Posted by Ken Hayes