News Article
Nanosolar secures a whopping $70 million in funding
The cash will be used to support the expansion of production and drive commercialisation of the firm's CIGS thin film solar technology
Nanosolar has raised $70 million in new capital.
The financing will be used to expand production of thin film solar cells and panels, support research and development designed to deliver greater efficiency, and drive faster commercialisation of the company’s solar technology. The over-subscribed round was funded by current and new investors, including OnPoint Technologies, Inc., Mohr Davidow Ventures, and Ohana Holdings LLC, and international Family Offices.
“We strongly believe in Nanosolar’s technology and the company’s ability to deliver the most cost-efficient solar electricity for utility scale and defense installations,” says John Trbovich, of Arsenal Venture Partners, the manager of OnPoint Technologies, Inc.
“We are pleased to see the continued trust that our investors place in our company. The Family Offices that joined the round have a long-term view of the solar market and will help Nanosolar scale its business faster,” adds Guido Polko, executive chairman of Nanosolar’s board of directors.
“With this latest round of funding, Nanosolar will be able to continue ramping up its production capabilities and achieve a faster time-to-market with its products. The money also will allow us to deepen our R&D efforts aimed at achieving even greater efficiency, and significantly expand our employee base in both Europe and the United States.”
By printing CIGS inks on low-cost aluminum foil, Nanosolar is utilising its proprietary roll-to-roll printable semiconductor technology to enable low cost thin-film solar panels. The firm says this approach minimises the use of expensive, high vacuum manufacturing equipment, and enables Nanosolar solar cells and panels to reach efficiencies competitive with crystalline silicon panels.
Nanosolar currently has manufacturing capacity in excess of 100 MW, with committed deliveries to multiple international customers in the 2 to 11 MW range. The company has achieved lab-tested top cell efficiency of 17.1 percent as certified by the National Renewable Energy Laboratory (NREL).
“Nanosolar has proven that it continues to effectively execute on its product roadmap and has established itself as a provider of world-class solar solutions,” concludes Eugenia Corrales, CEO of Nanosolar.
