Ujvagi release on Xunlight loan shares some additional details…
Yesterday a release from the office of Governor Strickland referenced the Xunlight loan as a part of a larger release. Today a release via e-mail from the office of Representative Peter Ujvagi shares some specific details to the Xunlight loan agreement.
Rep. Ujvagi Announces State Loan for Xunlight
Money Will Boost Ohio’s Commitment to Promoting Jobs, Alternative Energy
COLUMBUS – State Representative Peter S. Ujvagi (D-Toledo) announced today that Xunlight Corporation of Toledo will receive a $4-million dollar loan through Ohio’s Bipartisan Job Stimulus Plan. The money will allow the company to create 181 new, full time jobs and retain 43 jobs.
“This loan will give a significant boost to the economy of Northeast Ohio,” said Rep. Ujvagi. “Encouraging companies such as Xunlight to succeed will lead to even greater economic development and a new wave of employment in the advanced energy field.”
Xunlight is an advanced technology company that specializes in developing high-performance, flexible and lightweight solar modules. They are poised to participate in the solar power generation industry, and Xunlight already has several customers who have signed either definitive supply agreements or letters of intent for the purchase of photovoltaic (PV) modules.
The $4,060,000 loan is for five years. If Xunlight meets its job creation commitment within 3 years, $250,000 of the original principal will be forgiven.
The Ohio Bipartisan Job Stimulus Plan is designed to support new technology projects on a fast track toward commercialization. It is part of the $1.57 billion job stimulus package approved by Rep. Ujvagi and the Ohio Legislature in 2008. The goal of the program is to employ Ohio workers in the advanced energy jobs of the future.
