Cyrium Technologies Raises $15 Million Investment Round Led by the Quercus Trust

OTTAWA, CANADA AND SAN JOSE, CALIFORNIA, Jul 30
(MARKET WIRE) --
Cyrium Technologies, a developer of high efficiency multi-junction solar
cells for concentrator photovoltaic systems, announced today that the
firm has closed a Series B round of funding for a total of $15 million.

The round was led by The Quercus Trust of Costa Mesa, California.

Major investors from previous rounds of financing also participated in
this round including: BDC Venture Capital, Chrysalix Energy Venture
Capital, and Pangaea Ventures Ltd.

Cyrium is a developer of innovative solutions in the solar renewable
energy field. Cyrium's solar cell technology significantly improves power
generation while reducing its cost thereby making large scale power
generation using concentrator photovoltaic systems commercially feasible.
Product development at the company continues to go extremely well and the
company is looking to work with a number of different customers as it
prepares its first products.

Steve Eglash, CEO of Cyrium Technologies, welcomed The Quercus Trust
investment. "Cyrium's momentum has been building steadily and the
concentrator photovoltaic market is poised for rapid growth. The strong
support of all of our investors including The Quercus Trust will help
Cyrium to achieve critical milestones."

Commenting on the investment, Purnesh Seegopaul of Pangaea said: "Cyrium
is on the threshold of developing solar cell technology that will enable
CPV systems to achieve grid parity. That's something we feel is important
and we are pleased to be part of the team that makes that happen."

Simon Fafard, Founder and CTO, is excited about the B-round financing:
"This investment is what Cyrium needs to commercialize its solar cells
and enable CPV to be more competitive, thus promoting massive deployment
of renewable solar energy."

Funds from the Series B round will be used to further the development and
testing of Cyrium's photovoltaic solar cell products and establish volume
manufacturing.

About Cyrium Technologies

Cyrium Technologies is developing a proprietary breakthrough technology
that significantly increases photovoltaic solar cell efficiency over
state of the art products. The company received its first venture capital
funding in 2004. Cyrium's strategy is to become a leader in the design
and production of high efficiency photovoltaic solar cells. The company's
product addresses the concentrator photovoltaic (CPV) market and enables
a substantial cost reduction in solar power. As part of its product and
commercialization strategy, Cyrium is working with leading CPV system
manufacturers to address their worldwide product and business needs.
Visit www.cyriumtechnologies.com for more information.

About BDC Venture Capital

BDC Venture Capital is a major venture capital investor in Canada, active
at every stage of a company's development cycle, from seed through
expansion. Its focus is on technology based businesses with high growth
potential that are positioned to become dominant players in their
markets. Established in 1975, BDC Venture Capital has invested in over
400 firms to date. It currently manages some $500 million in venture
capital investments in the life sciences, telecommunications, information
technology, and advanced technology sectors, as well as investments in
funds. Visit www.bdc.ca for more information.

About Chrysalix Energy Venture Capital

Chrysalix invests in and supports compelling technology and management
teams that address the changing needs of the global energy market.
Founded in 2001, Chrysalix actively works with clients and supports them
with deep industry and technical knowledge, management and board
assistance, organized networking with industrial and financial partners,
management of intellectual property and access to capital.

Chyrsalix investment partners include Ballard Power Systems, BASF Venture
Capital, BOC, Citigroup, Consensus Business Group, Delta Lloyd, Essent,
Kuwait Petroleum Corp, Lexington Partners, Mitsubishi Corp, Robeco, Shell
Hydrogen, Teachers Private Capital and WestLB Mellon Asset Management.
Visit www.chrysalix.com for more information.

About Pangaea Ventures

Pangaea Ventures is a venture capital firm that invests in early-stage
advanced materials, energy and environmental technology companies. It has
offices in Vancouver and New Jersey and makes investments across the
United States and Canada.

Managing two funds at this time, the Pangaea team provides effective
support to its portfolio companies with its deep domain knowledge coupled
with start-up operational and transactional expertise. Visit
www.pangaeaventures.com for more information.

About The Quercus Trust

The Quercus Trust, a privately held family trust, is a prominent investor
in the alternative energy sector, with investments in both privately held
and publicly traded companies.

Contacts:
Shaun Markey
613-728-9951
shaun@shaunmarkey.com

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