Soliant Energy, a Monrovia, CA-based developer of solar technology solutions for the commercial rooftop market, announced at this week's Solar Power International '08 that it raised nearly $21 million in venture capital. This financing was led by the venture capital group of GE Energy Financial Services, which invested $2.5 million. Soliant’s other investors participated in this funding round, led by Convexa Capital. Previous Soliant Energy investors include RockPort Capital Partners, Nth Power, Trinity Ventures, and Rincon Venture Partners.
Art Buckland, Soliant's CEO, said, "GE's strategic investment is validation that our approach provides commercial customers with the lowest-cost solar electricity at the plug."
“Concentrating photovoltaic solar power is especially viable for space-constrained applications such as commercial rooftops, and Soliant is well positioned with its elegant design, market-leading efficiency and potential for low installed cost per kilowatt hour of energy produced,” said Kevin Walsh, Managing Director and leader of renewable energy at GE Energy Financial Services.
Soliant Energy was founded in 2005 and was known as Practical Instruments until early 2007. Using solar concentrators and other features, the company is developing products that it states will provide significant value for the commercial rooftop market. Soliant Energy is aiming to open a 40-megawatt production plant and ship its first products for commercial rooftop applications in late 2009. Additional backgroound on Soliant Energy is available in this 2007 interview of founder Brad Hines (MP3 file, right-click to download).
For more information:
- Soliant Enerrgy - Home page
- GE Gives Jolt to Solar Power Pioneer Soliant (October 14, 2008)
- RockPort Capital Partners and Nth Power Lead $8M Series A Round for Practical Instruments (October 16, 2006)