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Posted: Feb 20, 2012
Nanosolar Secures $20 Million in New Funds
(Nanowerk News) Thin film solar printing leader Nanosolar, Inc. today announced that it has closed $20 million to fund continued expansion as well as newly committed projects. Current investors Mohr Davidow Ventures and OnPoint Technologies, Inc. participated in the round with new investor aeris CAPITAL.
"We are excited to renew our investment and strongly believe in Nanosolar's technology and the team's ability to compete with current market leaders by delivering on its low cost promise," said Erik Straser of Mohr Davidow Ventures.
"We believe solar printing is the future of low cost harvesting of solar energy," said Erik Oldekop of aeris CAPITAL. "We are eager to be a part of Nanosolar's growth and validation."
Within the last six months, Nanosolar has announced a number of milestones and projects that have helped strengthen its position as the thin film solar cost leader. They include:
The appointment of Corrales to CEO as part of a planned transition;
A production expansion to a 115 MW capacity;
NREL-certified thin film solar cell aperture efficiency of 17.1%;
Two new projects with EDF EN in Oregon totaling 3 MW;
Two new projects totaling 1.5 MW at National Guard Bases in Ohio and California.
"This represents the beginning of an exciting new period of growth for Nanosolar," said Nanosolar CEO Eugenia Corrales. "With our team firmly entrenched, we will be unveiling new projects and new partners as part of our commitment to deliver the industry's lowest cost thin film solar solution."
Nanosolar combines proprietary technology with advanced system design and manufacturing processes to reduce both panel and balance of system costs. Together, these advantages drive Nanosolar's mission to be the low cost solar provider, independent of subsidies.
For more information about Nanosolar and its innovative solar printing technology, please visit http://www.nanosolar.com.
About Nanosolar, Inc.
Nanosolar designs, engineers, and manufactures innovative thin film solar cells and panels based on printing CIGS (Copper, Indium, Gallium, Selenium) and nanoparticle inks. The company's first product, the Nanosolar Utility Panel, enables competitively priced peak power and installed system economics at utility-scale. With headquarters in San Jose, CA, Nanosolar operates the industry's first roll-to-roll solar cell printing factory in San Jose, California and a panel-assembly factory in Luckenwalde, Germany. For more information, please visit http://www.nanosolar.com.