Stion, a manufacturer of high-efficiency thin-film solar panels,announced today a production partnership with TSMC of Taiwan. Stion will commence a 100 MW expansion of its San Jose, Calif. facility followingthe close of its $70 million Series D financing. Stion had previouslyraised $44.6 million in equity financing.
“TSMC has evaluated anumber of thin-film technologies and believes by working with Stion wewill gain a robust thin film technology with inherent low coststructure,” said YC Chao, TSMC’s Senior Director of New Businesses.
Chet Farris, Stion’s President and CEO, added, “Beyond our 100 MW production facility, the strategic partnerships result in a very capital efficient production model as we will gain access to a certain amount of capacity without additional capital commitment from Stion.”
“In thecrowded field of thin film solar with mostly undifferentiatedtechnology, Stion has distinguished itself with the highest efficiencyproduction ready technology on one square meter, 120 W to 130 Wmonolithic panels. Stion will show how a PV startup gets to positivecash flow with a $100m dollar equity investment,” said Vinod Khosla,Partner at Khosla Ventures.
Stion’s panels are specificallydesigned for use in all major applications, including commercial /government, residential, utility and off-grid. The panels are producedusing monolithically integrated circuits and offer a number ofadvantages over competing products, including high efficiency, aconvenient form factor (2 ft. x 5 ft), improved performance in partialshading, and superb aesthetics.
As part of the expansion, Stionexpects to bring more than 500 direct and indirect jobs to the region in 2010 and 2011.