Solaria, a manufacturer of solar photovoltaic modules, announced earlier this month that it has concluded its Series D round of financing with a total amount raised of $65 million. This figure was $20 million above the company’s original target and included a $10 million growth loan facility from Western Technologies Inc (WTI).
Adams Street Partners, Cycad Group, and WTI recently joined the Series D round, which was led by CMEA Capital and DBL Investors, following a May 2010 close that included Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital. enXco (an EDF Energies Nouvelles Company) also participated in the final close with a small investment.
Solaria will use the newly raised funds to increase availability of their solar modules, which are designed specifically for ground-mounted tracking systems. The company states that its proprietary manufacturing processes require only a fraction of the capital expenditure per watt of manufacturing capacity needed by standard industry processes. Solaria modules are available to customers in North America, Europe, and Asia.
“We’re accelerating production to meet strong demand for our new modules,” said Dan Shugar, CEO of Solaria. “We appreciate our customers and investors’ confidence in Solaria’s ability to deliver a reliable, cost effective product that advances the deployment of industrial and utility-scale solar power plants.”
“We are very pleased to make an investment in Solaria, as we believe they have developed a superior low concentration solar technology ideal for large solar tracking systems,” said Tom Berman, Partner, Adams Street Partners.
“Solaria’s technology promises an aggressive price/performance metric, focused on meeting increased demand from utilities, independent power producers, integrators, and other energy providers who are focused on affordably deploying solar power in the years ahead,” said David Kirkpatrick, vice president of solar development for enXco.
“WTI is pleased to continue its relationship with Solaria and to help them grow to the next phase. WTI is investing in Solaria because they’re gaining solid traction in the solar market, securing leading customers, and partnering with key players in the industry,” said Dan Holman, investment principal, WTI.
Solaria’s corporate headquarters are in Fremont, California and it has operations in Germany and India. Some additional background on the company is available in the following presentation (in two parts) from Suvi Sharma, President of Solaria.