InnovaLight Moves to St. Paul to Support Further Growth

-- Innovator in Development of Next-generation Lighting Seeks to Tap Area's

Deep Scientific Talent --

Mar 09, 2005, 00:00 ET from InnovaLight

    ST. PAUL, Minn., March 9 /PRNewswire/ -- InnovaLight, a leading innovator
 in developing and commercializing nanotechnology-enabled solid-state lighting
 solutions, today announced that it has completed its move to St. Paul,
 Minnesota from Austin, Texas.
     Since being founded in 2002, InnovaLight has assembled a world-class
 research and engineering team to develop its process for making light-emitting
 silicon nanocrystals.  The move to Minnesota is intended to help facilitate
 the company's next phase of development.  Several factors drove the selection
 of the Twin Cities metropolitan area, including the area's prominence in
 material and aerosol science, particularly at the University of Minnesota.
     InnovaLight intends to recruit approximately twelve talented, motivated
 scientists and engineers over the near term, as well as certain other
 executive hires.
     InnovaLight is funded by several prominent venture capital firms,
 including Apax Partners, ARCH Venture Partners, Sevin Rosen Funds, STARTech
 and Triton Ventures.  The Company also has received substantial federal
 research grants from the Department of Energy, Department of Defense and the
 National Science Foundation.
     InnovaLight's core technology is based on work performed by Dr. Uwe
 Kortshagen from the University of Minnesota, a world leader in plasma
 engineered nanoparticles; Dr. Brian Korgel from the University of Texas, a
 noted expert in nanoscale synthesis and properties; and other notable
 scientists and institutions from around the world.
     "We look forward to becoming part of the Twin Cities' business community
 as we grow InnovaLight," InnovaLight CEO Paul Thurk said.  "After an extensive
 search for the ideal location to grow our company, we selected Minneapolis-St.
 Paul due to its deep technology talent, concentration of relevant industries,
 and overall business climate.  The St Paul Bioscience Zone in which we chose
 to locate has an entrepreneurial critical mass and infrastructure that enables
 young companies like ours to thrive."
     About InnovaLight
     InnovaLight is an early stage technology company devoted to developing
 next-generation lighting based on its novel luminescent silicon nanocrystals.
 The unique optoelectronic properties of these quantum dots, coupled with the
 innovative device structures they enable, make them singularly qualified to
 realize a range of lighting forms and functions.  Additional information on
 InnovaLight may be found at .

SOURCE InnovaLight