Suniva Receives $50 Million in Series B Financing

Suniva Inc., an Atlanta-based company that manufactures and markets high-efficiency silicon photovoltaic (PV) cells, recently announced the completion of a $50 million Series B round of financing.The funds will be used for Suniva’s new Atlanta-area manufacturing facility that is scheduled to begin operating in the second half of 2008.

This funding round was co–led by New Enterprise Associates (an existing investor) and Advanced Equities, Inc.  Other participants in this round were Goldman Sachs (through its subsidiary Cogentrix Energy), HIG Ventures (an existing investor), and Quercus Investments.

According to an article in the Atlanta Journal-Constitution, Suniva is projecting $10 million in revenue in 2008 and $100 million in 2009.

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