We’ve received a document published by Pittsburgh’s Birchmere Ventures, an investor in copper indium gallium selenide (CIGS) manufacturerMiaSolé. It outlines the company’s $100 million fundraising round, itsproduct plans, and its 2011 IPO plans.
According to the the document, "MiaSolé is now raising a $100 million Series F round to build out manufacturing and prepare for an IPO in 11H2; Morgan Stanley is the sole placement agent and will be lead underwriter of the IPO. Due to the generally difficult state of the capital markets over the past two years, and the failure of some other highly-fundedsolar startups to achieve their milestones, solar investments havefallen out of current favor. The resultant decline in public andprivate solar company valuations is impacting MiaSolé, also, in spite of the company’s solid performance – this will be a down round. Thecompany recently received a term sheet from prominent Silicon Valleyventure fund priced at a significant reduction in value in contrast tothe Series E valuation (Birchmere sourced this new lead investor for the company). This valuation and other deal terms are still subject tonegotiation."