Gov. Perry Announces TEF Investment in Solar Power Company

Gov. Rick Perry today announced the state will invest $1 million through the Texas Enterprise Fund (TEF) in HelioVolt Corp. of Austin 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, which convert sunlight into electricity. The deal will create nearly 160 jobs and $62 million in capital investment.

“Texas is the place to grow a business thanks to our mix of a reasonable regulatory environment, an educated workforce, and a variety of economic incentives that bolster our stature in the global marketplace,” said Gov. Perry. “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.”

Texas was in competition with New York, Oklahoma and Pennsylvania for the facility.  “Gov. Perry’s support of clean energy technologies, innovative companies and job creation through the Texas Enterprise Fund is a sign that he understands the critical role new approaches to energy generation will play in the future economic success of Texas,” said Dr. B.J. Stanbery, CEO of HelioVolt. “Incentives such as the TEF award were instrumental in our decision to locate our first manufacturing and testing facility in Austin, and we look forward to this exciting new phase of mutual growth in our state’s increasingly vibrant clean technology industry.”

HelioVolt, founded in 2001, is pioneering the use of thin-film solar materials made from an alloy called Copper Indium Gallium Selenide (CIGS). The new technology produces thinner, more absorbent and less expensive solar modules than traditional silicon technology that are currently used in more than 90 percent of solar modules currently produced.

The legislature, at Gov. Perry’s request, created the TEF in 2003 and re-appropriated funding in 2005 and 2007 to help ensure the growth of Texas businesses and create more jobs throughout the state. The fund has since become one of the state’s most competitive tools to recruit and bolster business. To date, the TEF has closed the deal on projects generating more than 51,400 new jobs and $13.6 billion in capital investment in the state.