Silicon Valley solar energy firm Innovalight, which was founded by Irishman Conrad Burke, has been acquired by chemicals giant DuPont in a deal believed to be worth more than $60 million.

Innovalight will be renamed DuPont Innovalight and Mr Burke has been appointed general manager of the new entity.

Neither side disclosed financial details of the purchase.

Mr Burke said that “all shareholders are very happy” with the sale. Since it was founded in 2004 Innovalight has raised more than $60 million in investment, which suggests the sale price was in excess of this amount.