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Solaria Corporation Raises a Total of $65 Million, Exceeding Financing Goal

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image Solaria Corporation Raises a Total of $65 Million, Exceeding Financing Goal

Solaria will use the newly raised funds to increase availability of their patented modules now that they are shipping around the world.

FREMONT, Calif., [WorldofPhotovoltaics.com]

Solaria Corporation, a global manufacturer of solar photovoltaic modules, announced today that it raised more than anticipated in its just closed Series D financing round. The round’s total of $65 million dollars—which includes $10 million in a growth loan facility—is $20 million above the company’s original target, demonstrating investor and industry confidence in Solaria’s groundbreaking solar modules and technology.

Adams Street Partners, Cycad Group, and Western Technologies Inc (WTI) recently joined the Series D round, which was led by CMEA Capital and DBL Investors, following a May 2010 close that included Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital. enXco-an EDF Energies Nouvelles Company also participated in the final close with a small investment.

Solaria will use the newly raised funds to increase availability of their patented modules now that they are shipping around the world.

“We’re accelerating production to meet strong demand for our new modules,” said Dan Shugar, CEO of Solaria. “We appreciate our customers and investors’ confidence in Solaria’s ability to deliver a reliable, cost effective product that advances the deployment of industrial and utility-scale solar power plants.”

“We are very pleased to make an investment in Solaria, as we believe they have developed a superior low concentration solar technology ideal for large solar tracking systems,” said Tom Berman, Partner, Adams Street Partners.

“Solaria’s technology promises an aggressive price/performance metric, focused on meeting increased demand from utilities, independent power producers, integrators, and other energy providers who are focused on affordably deploying solar power in the years ahead,” said David Kirkpatrick, vice president of solar development for enXco.

“WTI is pleased to continue its relationship with Solaria and to help them grow to the next phase. WTI is investing in Solaria because they’re gaining solid traction in the solar market, securing leading customers, and partnering with key players in the industry,” said Dan Holman, investment principal, WTI. WTI has also provided Solaria with $10 million in long term financing—a working capital growth loan.

Solaria modules are designed specifically for ground-mounted tracking systems and certified to UL1703 and IEC61215 standards. Solaria’s proprietary manufacturing processes require only a fraction of the capital expenditure per watt of manufacturing capacity needed by standard industry processes. Solaria modules are now available to customers in North America, Europe, and Asia.

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About Solaria
Solaria Corporation designs, manufactures and markets silicon PV modules to solar system integrators, project developers and electric utilities. Based on its patented low-cost technology, Solaria’s modules provide reliable performance while matching form, fit and performance of conventional PV modules. Solaria headquarters are in California with operations in Germany and India. For more information, please visit www.solaria.com


About Adams Street Partners  
Adams Street Partners is one of the largest managers of private equity investments in the world. Together with its predecessor organizations, Adams Street Partners has been investing in private equity since 1972. Adams Street manages direct private equity investments as well as primary and secondary partnership investments. With offices in Chicago, London, Menlo Park and Singapore, the Firm currently has 107 employees and $20 billion of assets under management. For more information, visit www.adamsstreetpartners.com <http://www.adamsstreetpartners.com/>
 
About Cycad Group
Cycad Group is a venture capital firm focusing on investments in companies with enabling solutions, disruptive technologies and innovative products. Cycad seeks opportunities to work with exceptional entrepreneurs creating technology driven businesses.  The firm actively pursues investment opportunities in the areas of (i) energy technologies; (ii) advanced materials and chemical processes; and (iii) life sciences (e.g., biotechnology, pharmaceuticals, medical devices and analytical tools). For more information, visit www.cycadvc.com <http://www.cycadvc.com/>

About enXco, an EDF EN Company:
enXco (www.enxco.com) - an EDF Energies Nouvelles Company (www.edf-energies-nouvelles.com) - develops, constructs, owns, operates and manages renewable energy projects throughout the United States. For more than two decades, we have been a leader in wind-energy focusing on large-scale wind projects. Today enXco’s portfolio includes solar and biomass technologies, in an effort to help drive our nation’s transition to a sustainable energy economy. enXco is a significant owner and developer of wind-energy installations in the United States, and is the leading third-party operations & maintenance provider for wind farms in North America.
 
About Western Technology Investment (WTI)
Founded in 1980, WTI is exclusively focused on venture debt and has substantial follow-on capacity for portfolio companies at all stages of development. Transactions range from $500 thousand to $25 million for early to late stage companies. Previous portfolio companies include Juniper Networks, Brocade Communications Systems, Google, Cerent, Infoseek, IDEC Pharmaceuticals, Facebook, IronPort Systems, Volcano Corporation, and many others. WTI has completed over 800 financing commitments totaling over $2.4 billion since inception. Western Technology Investment is headquartered in San Jose, California. www.westerntech.com <http://www.westerntech.com/>

 

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