MiaSolé Raises $55 Million in Additional Funding

MiaSole MiaSolé, a Santa Clara, CA-based manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, announced earlier this month that it obtained $55 million in additional funding.  As reported by Greentech Media, this funding came primarily from existing investors.  The company's current investors include Voyageur Mutual Funds, Kleiner Perkins, Firelake Capital, and VantagePoint Venture Partners. 

"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," said 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 is entering into an important time in its history," said 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."

"MiaSole’s ability to deliver 14 percent in production with demonstrated capability to achieve 17 percent further emphasizes the progress we are continuously making against our roadmap," said Carrington. "We are excited about the road ahead and our ability to deliver the true promise of thin film technology -enabling the lowest levelized cost of electricity for our customers."

MiaSolé has stated that it has installed more than 55MW of solar modules thusfar in a variety of projects in North America, Europe and Asia.  You can learn more about the company in the following video.