If you’re a photovoltaic module startup that hasreceived venture capital funding in the last few years — it’s time tostart showing results.
The solar market is no longer the domain of scientists and hobbyists — the industry will ship more than ten gigawatts this year. It’s about scaling big, scaling fast and driving down costs. Suntech, Yingli, Trina Solar, First Solar, SunPower and others are all going to exceed one or two gigawatt capacity levelsin the next year or two (if they haven’t already) and are scrubbing cost out of every process step. If you’re not able to play in this league– why bother showing up?
Striding into this bloodily competitive landscape are the scores of solar module companies hatched by investors in the last ten years.
Solexant is one of the more interesting of them and I just spoke with the CEO, Damoder Reddy.
The fifty-employee firm recently raised Round C funding from OlympusCapital Partners, DBL Investors, Brichmere Ventures, Trident Capital,Firelake Capital and Medley Partners. An SEC filing shows that they closed $41.5 million of a $64-million-dollar round.