News Article
MiaSolé awarded $55 million to expand its CIGS technology
The funding will allow the company to focus on building the commercial side of its business with both traditional glass-on-glass and flexible products
The California-based firm has secured the funding to drive its next wave of growth in the solar industry.
"This funding comes at a time when the company has begun production of 14% modules with the industry's lowest capex per watt, which is now under 50 cents. We are pleased that investors have demonstrated a powerful endorsement of our strategy and growing success in the market," says John Carrington, CEO of MiaSolé.
"This additional investment will allow us to take the company to the next level and we are focused on aggressively building the commercial side of our business with both our traditional glass-on-glass and flexible products. We have demonstrated technology leadership and are now focused on commercial performance: our investors have responded to that."
MiaSolé says it is one of the first companies to unlock the potential for CIGS thin-film solar technology, increasing panel efficiency by more than 30% from 2011 to 2012.
A roadmap of how the company hopes to progress is below.
Miasolé's panel efficiency roadmap
To date, MiaSolé has installed over 55 MW of solar modules in a wide range of global projects across North America, Europe and Asia. Its technology is also being applied to a high efficiency flexible rolled roof-top product that will address the fast-growing commercial and residential markets.
"MiaSolé is entering into an important time in its history," says Stephan Dolezalek, Managing Director at Vantage Point Capital Partners, on behalf of the MiaSolé board of directors. "It has the right strategy, the right technology and the right team to deliver a new benchmark in solar for cost, performance and capital efficiency with the enormous benefit of being able to compete in both the traditional glass and flexible panel markets."
"MiaSolé's ability to deliver 14 percent in production with demonstrated capability to achieve 17 percent further emphasises the progress we are continuously making against our roadmap," says Carrington. "We are excited about the road ahead and our ability to deliver the true promise of thin film technology - enabling the lowest levelised cost of electricity for our customers."
