Sencera, a Charlotte, North Carolina developer of photovoltaic (PV) modules and thin film systems, recently announced completion of a three-stage $15.6 million equity investment. Under the terms of the transaction Sencera has received $5.2 million in equity. The remaining $10.4 million will be provided in two stages of $5.2 million each based upon the company completing specific development milestones.
Quercus Trust and Michael Draper of Equinox Securities led the investment. "We are pleased to expand Sencera’s long-term strategic relationships with experienced clean tech investors," stated CEO Dr. Rusty Jewett. Quercus and Draper also led the company’s initial $3.6 million equity investment that was announced in April.
Sencera will use the funds to support the development of its initial 35 MW photovoltaic (PV) module factory in Charlotte. Sencera will also accelerate the development of its second generation high-efficiency amorphous / microcrystalline silicon solar module. "This investment will help us outfit the first full manufacturing line, and will accelerate process development on our thin-film silicon based photovoltaic modules. We anticipate reduced manufacturing costs over traditional modules, with Sencera’s module production costs expected to be below $1 per peak watt," stated Dr. Jewett.