Energy Innovations Spins out Solar Tracking Business Unit to Form RayTracker, Inc.

PASADENA, Calif.--(BUSINESS WIRE)--Energy Innovations, Inc., manufacturer of commercial solar products that maximize usable energy from the sun, announced today that its RayTracker product group has been spun off to form RayTracker, Inc. The formation of the new company will allow the team to further expand, develop and capitalize on the growing demand for its RayTracker GC product line. Kang Sun, a seasoned business executive with over 20 years of experience in business creation and management, has been appointed CEO of the new company. RayTracker GC is a rugged, reliable and cost effective single-axis solar tracker for ground-mount applications that dramatically increases the energy yield of a photovoltaic system. As previously announced, RayTracker was included in over 2MW of installations in 2008.

“The RayTracker business unit has seen, and continues to see, tremendous demand from customers looking for a cost effective way to maximize the return on their solar PV installations,” said Bill Gross, Founder of Energy Innovations. “With the formation of the new company and the leadership of Kang Sun, RayTracker, Inc. is well positioned to continue its work to roll out additional customer installations, focus on its product research and development efforts and will seek to raise additional capital to help achieve these goals.”

Kang Sun joins RayTracker from China-based JA Solar Holdings Co., a world leader in photovoltaic products, where he was President and Chief Operating Officer; and a member of the company’s board of directors. At JA Solar, Kang was responsible for successfully securing $620M in equity funding in 2007 and 2008 and led the business to profitability by growing revenue from about $90M in 2006 to about $380M in 2007 and approximately $800M in 2008. Prior to joining JA Solar Holding, Kang served as Managing Director, New Business Development & Chief Strategy Officer, New Business and New Products Group for Applied Materials where he was responsible for new business ventures and the company’s corporate strategic licensing business.

“RayTracker GC has superb performance features and has quickly become a leader in lowering total cost of ownership for solar tracking systems. The product has received very enthusiastic endorsements and feedback from customers and the market,” said Kang Sun, CEO of RayTracker, Inc. “I’m thrilled to join the RayTracker team at such an exciting time.”

RayTracker GC was designed from the start to be cost-effective while also maximizing efficiency and reliability. PV panels mounted on a RayTracker system yield up to 38% more annual energy compared to fixed flat PV systems and up to 23% more than fixed-tilt systems, thus increasing the overall return on investment of an installation. RayTracker GC offers a number of advantages including precision distributed actuation design, a shadow avoidance algorithm, no scheduled maintenance and low cost installation.