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Category: GLG Partners

Nanosolar Receives $300 Million in Equity Financing

NanosolarNanosolar, a thin-film solar company, announced on August 27th that it received $300 million in equity financing in March 2008.  Investors in this round included The AES Corporation, The Carlyle Group, EDF (which made a $50 million investment in Nanosolar via EDF Energies Nouvelles Réparties), and Energy Capital Partners.

Funding in this round was also provided by returning Nanosolar investors GLG Partners, Beck Energy, and Grazia Equity (founding investor of Conergy).  Other participating investors included Lone Pine Capital, the Skoll Foundation, and the private fund of Pierre Omidyar (founder of eBay). 

Nanosolar intends to use the funds to accelerate production expansion for its 430MW San Jose factory and 620MW Berlin factory.  The following video provides some information on Nanosolar’s technology, which includes the ability to print (using nanoparticle ink) the semiconductor of a solar cell onto metal foil.

For more information:

AVA Solar Receives $104 Million in Equity Financing

AVA Solar

AVA Solar, an advanced thin-film photovoltaic (PV) module manufacturer located in Fort Collins, Colorado, announced on August 27th that it raised $104 million in its second institutional equity round of financing.

This round was led by DCM and included new investors Technology Partners, GLG Partners and Bohemian Companies, LLC as well as prior investors, including Invus, LP. AVA Solar said that the funds will be used to complete its first production facility in Longmont, Colorado, which will have the capacity to produce 200 megawatts of PV modules annually.

"I am very pleased to have closed this financing with such a prestigious group of investors," said Pascal Noronha, CEO of AVA Solar. "This funding will allow us to move quickly to establish our first manufacturing facility to produce cost-effective PV modules."

Tom Blaisdell, a general partner at DCM, said "In the last few years, we’ve seen many companies with plans to commercialize products for the solar industry. Our commitment to AVA Solar is founded both on the commercial readiness of the product and their management and engineering team’s demonstrated ability to deliver."

Ira Ehrenpreis, a general partner at Technology Partners, added that "AVA’s approach to manufacturing technology is uniquely positioned to meet the market’s need for large-scale installations at a cost that enables grid parity."

AVA Solar was founded in January 2007 to commercialize an advanced process for manufacturing thin-film PV modules.  AVA Solar’s technology was developed and incubated at Colorado State University with the support of the National Renewable Energy Laboratory (NREL) in Golden, Colorado.

Infinia Closes $50 Million in Series B Financing

Infinia Corporation, a Kennewick, Washington-based company, today announced that it has closed a $50 million Series B round of financing.The funds will be used to support the commerical launch of the company’s Infinia Solar System product, which J.D. Sitton, Infinia’s President and CEO, states, "[W]ill change the game in the solar power generation market."  The Infinia Solar System combines Infinias free-piston Stirling engine with a dish-style solar concentrator to produce three kilowatts of grid-quality electric power. Infinia expects to start manufacturing and selling this product later in 2008.

The funding round announced today was led by GLG Partners.  Other participants in this round were  Wexford Capital LLC and previous investors Vulcan Capital, Khosla Ventures, EQUUS Total Return, Inc., Idealab and Power Play Energy, LLC.  In addition, Infinia announced that John Small of GLG Partners will become a member of the company’s Board of Directors.

Infinia previously announced investments of $3.5 million in February 2005 and $9.5 million in June 2007.  For more information:

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