Two Companies Part of State Deal Have Never Turned a Profit

BUFFALO, N.Y. - The two companies New York State has lured to Buffalo aren't big employers in the technology sector but they do have a reputation for being innovation leaders.

Company executives hope this Buffalo facility will be a launchpad to greater success for these two start-up companies that haven't reached profitability yet.

Soraa makes LED lighting which is greener than the common light bulb. the company was founded in 2008 in California's Silicon Valley. They currently have 90 employees and expect to add 375 in Buffalo when the facility opens.

Soraa has never turned a profit.

Silevo makes solar panels and was founded in 2007. They have a facility in China where 180 employees currently work. The company is based in Silicon Valley in California where they currently employ 40 people. Company executives plan to add 476 jobs in Buffalo.

Silevo has survived a difficult time in the solar panel industry largely because they developed a solar panel that produces more electricity than their competitors.

They say their expansion in Buffalo will help them break even and eventually turn a profit.


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