News Article
Nanosolar nets $20 million in funding
The investment will fuel new CIGS solar plants and the growth follows on the heels of recent projects and milestones
Thin film solar printing manufacturer Nanosolar, has closed $20 million to fund continued expansion as well as newly committed projects.
Current investors Mohr Davidow Ventures and OnPoint Technologies, participated in the round with new investor aeris CAPITAL.
“We are excited to renew our investment and strongly believe in Nanosolar’s technology and the team’s ability to compete with current market leaders by delivering on its low cost promise,” said Erik Straser of Mohr Davidow Ventures.
“We believe solar printing is the future of low cost harvesting of solar energy,” said Erik Oldekop of aeris CAPITAL. “We are eager to be a part of Nanosolar’s growth and validation.”
Within the last six months, Nanosolar has announced a number of milestones and projects that have helped strengthen its position as the thin film solar cost leader. The firm appointed Eugenia Corrales to CEO as part of a planned transition. The firm also announced a production expansion to a 115 MW capacity. Also, NREL certified the firm's thin film solar cell had an aperture efficiency of 17.1%.
The firm also announced two new projects with EDF EN in Oregon totaling 3 MW and another two projects totaling 1.5 MW at National Guard Bases in Ohio and California.
“This represents the beginning of an exciting new period of growth for Nanosolar,” said Nanosolar CEO Eugenia Corrales. “With our team firmly entrenched, we will be unveiling new projects and new partners as part of our commitment to deliver the industry’s lowest cost thin film solar solution.”
Nanosolar combines proprietary technology with advanced system design and manufacturing processes to reduce both panel and balance of system costs. Together, these advantages drive Nanosolar’s mission to be the low cost solar provider, independent of subsidies.
