GaN Systems Achieves Development Milestones Ahead of Schedule & Closes Series B Funding

Financing to Accelerate Commercialization of the Company’s Gallium Nitride Power Transistors

OTTAWA, ON – June 19th, 2012 – GaN Systems Inc, a leading developer of gallium nitride power switching semiconductors, today announced the closing of its Series B financing round with existing investors Chrysalix Energy Venture Capital and RockPort Capital, two leading cleantech venture capital firms. This funding comes only six months after the closing of GaN Systems’ Series A round and signals the achievement of the company’s initial development milestones months ahead of schedule.

“This significant financing round is a stamp of approval from our existing investors which validates our engineering excellence,” said Girvan Patterson, CEO of GaN Systems. “It enables us now to accelerate commercialization of the gallium nitride power devices that we have developed on our breakthrough island technology platform.

Adds Mike Sherman, Managing Director at Chrysalix, “Since the Company’s Series A round, the market momentum for gallium nitride as a credible alternative to silicon for power devices has grown significantly, with devices becoming mainstream faster than we anticipated. This means commercial reality is closer and more tangible than expected and we are delighted that GaN Systems is in a position to capitalize on that opportunity.

GaN Systems’ gallium nitride transistors are targeted at the next generation of highly efficient power conversion applications, the fastest growing segment of the $14 billion-a-year power devices market. This includes high growth applications such as solar inverters, server farms, and hybrid vehicles. Beyond the inherent advantages of gallium nitride in efficiency, speed and temperature, GaN Systems’ Cool Switching™ technology enables extremely compact, low cost designs. It also provides a seamless transition to foundry-independent GaN-on-silicon fabrication for flexible access to high volume production resources.

“With these advantages, GaN Systems is uniquely positioned to drive broad adoption of gallium nitride as a superior alternative to conventional silicon power devices,” remarked Daniel Hullah, Partner at RockPort Capital. “Their unmatched execution against plan and achieved milestones to date confirm for us this is the company to back in the gallium nitride race.”  

About GaN Systems

GaN Systems provides power switching semiconductors based on the company’s Cool Switching™ platform - a unique, island-based technology with a heritage of over 14 years of gallium nitride innovation. The Company’s line of highly efficient, low-loss diodes, transistors, and integrated systems, and its patented gallium nitride designs address the limitations of silicon power conversion approaches. For the first time, compound semiconductor devices will be cost competitive with silicon devices, enabling future power conversion products that will be more energy efficient, lower cost, and lighter weight. For cleantech applications, GaN Systems’ technology offers improved economics - through reduced energy conversion losses and increased power production - enabling feasible solutions to the global energy crisis. For more information, please visit www.gansystems.com.

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CONTACTS FOR FURTHER INFORMATION

For GaN Systems:    
Jamil Karim      
Magnolia Marketing Communications  
Direct:  (604) 317-5786    
Email: jkarim@magnoliamc.com

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