San Jose, CA--Nanosolar raised $70 million in new capital to expand production of its copper, indium, gallium, selenium (CIGS) thin-film solar cells and panels. The financing will also be used to support research and development designed to deliver greater efficiency and drive faster commercialization of the company's thin-film solar technology. The over-subscribed round was funded by current and new investors, including OnPoint Technologies, Mohr Davidow Ventures, and Ohana Holdings LLC, and international Family Offices.
By printing CIGS inks on low-cost aluminum foil, Nanosolar says it is using its proprietary high-throughput roll-to-roll printable semiconductor technology to enable the world’s lowest-cost thin-film solar panels. This approach minimizes the use of expensive, high-vacuum manufacturing equipment, and enables Nanosolar solar cells and panels to reach efficiencies competitive with crystalline silicon panels. Nanosolar currently has manufacturing capacity in excess of 100 MW, with committed deliveries to multiple international customers in the 2 to 11 MW range. The company has achieved lab-tested top cell efficiency of 17.1% as certified by the National Renewable Energy Laboratory (NREL).
"We are pleased to see the continued trust that our investors place in our company. The Family Offices that joined the round have a long-term view of the solar market and will help Nanosolar scale its business faster," said Guido Polko, executive chairman of Nanosolar’s board of directors. "With this latest round of funding, Nanosolar will be able to continue ramping up its production capabilities and achieve a faster time-to-market with its products. The money also will allow us to deepen our R&D efforts aimed at achieving even greater efficiency, and significantly expand our employee base in both Europe and the United States."
Nanosolar designs, engineers, and manufactures innovative thin film solar cells and panels based on printing CIGS and nanoparticle inks. The company’s first product, the Nanosolar Utility Panel, enables competitively priced peak power and installed system economics at utility scale. Nanosolar operates the industry’s first roll-to-roll solar cell printing factory at its headquarters in San Jose, CA and a panel-assembly factory in Luckenwalde, Germany.
SOURCE: Nanosolar; www.nanosolar.com/company/blog#203