Tri-Cities Tech Business Update
Infinia Corporation announces $50M financing, new executives
Coming: the Infinia Solar System
Infinia Corporation, Richland, Wash., has closed on a $50 million series B preferred stock financing led by GLG Partners with participation from Wexford Capital LLC and prior investors Vulcan Capital, Khosla Ventures, EQUUS Total Return, Inc., Idealab, and Power Play Energy, LLC. The capital will be used to fund the commercial launch of the Infinia Solar System, a solar power generation product that harvests energy from sunlight to generate clean, emissions-free electricity. In other news, Infinia recently named two executives: Gregg Clevenger as Chief Financial Officer and Terry Smith as Vice President of Engineering and Product Development. Clevenger, a former investment banker with Goldman Sachs, Morgan Stanley, and Argent Group Ltd., will be responsible for Infinia's finance and human resources functions, including forming strategic and commercial relationships worldwide. Smith, who will lead the firm's solar product development team, managed Infinia's Space Generator Program since 2003. He has nearly 20 years of experience in engineering, product development and "phantom works" activities at Boeing and elsewhere.
Contact J.D. Sitton at (509) 735-4700.
