Nanosolar Lands $70M
Don’t count Nanosolar out of the thin film solar competition just yet.
The firm just closed on another $70 million in VC funding to allow its CIGS thin-film photovoltaic factory to continue to scale and improve.
A release from the company describers the round as “over-subscribed” with funding from existing investors and new investors including OnPoint Technologies, Inc., Mohr Davidow Ventures, and Ohana Holdings.
Nanosolar received a small $20 million sum earlier this year from existing investors along with new investor aeris CAPITAL (Aeris is a Zurich, Switzerland-based family fund. And the interesting piece here is that Erik Oldekop of aeris CAPITAL was a Managing Director at Nanosolar from 2006 to May 2011. It’s a connection that can be interpreted in a variety of ways — he’s likely still a personal shareholder in Nanosolar, but he also knows its dark secrets and angelic potential.)
Nanosolar prints CIGS inks on aluminum foil in a roll-to-roll process without using high-vacuum manufacturing equipment.
Nanosolar has had some recent personnel shifts. Brian Stone, a VP at Nanosolar, left the firm. Geoff Tate, CEO for about two years, was replaced by Eugenia Corrales. John Rayfield, VP of Worldwide Marketing, also left the firm recently.
Nanosolar has had a history of technical and commercial promises, most recently these relating to cost:
- Below $1.00 per watt factory cost by the end of 2011
- Low $0.80s or high $0.70s per watt by late 2012
- In the $0.60s in 2013
- Below $0.60 per watt in 2014
Greentech Media is an integrated online media company designed to deliver the highest-quality content in the industry, whether it is research, news or critical networking events. Greentech Media is headquartered in Cambridge, Mass., with operations in New York City, San Francisco and Munich.
Search 26k+ Solar Articles
- The Solar Vineyard House by Michael Jantzen
- Report: Solar PV Market to Recover by 2015
- Green Design Standards and the Construction Industry
- Converting Waste Heat Into Electricity Through Osmosis
- The Solar Canals of India
- In Focus: Sustainable Base
- New CPV Efficiency Record for Amonix
- Toyota Prius to be Replaced?
- Securitization and Renewable Energy
- The All-Electric Fiat 500e
- The Energy Supercomputer
- A Breakthrough or Just Another PV Module?