Q-Cells AG increased its stake in the American Solaria Corporation in the context of a new round of financing from 12.39% to 33%. Financial investors Sigma Partners, NGEN and the Indian company Moser Baer are also involved in financing of USD 50 million, scheduled for the expansion of the production facilities and further development work.
Silicon Valley-based Solaria Corporation develops innovative cell and module technologies which fit seamlessly into the existing value-add chain. Based on an extensive IP portfolio, Solaria’s technology combines concentration with cell singulation to achieve increased power output while contributing to further price reduction within photovoltaics.
Anton Milner, Q-Cells CEO, stated, “We are excited by this investment and the progress at Solaria. Solaria has a high synergetic potential to deliver important cost savings to the current mainstream solar cell applications. We not only see Solaria as an important partner and customer within our core business areas, but also seek to help develop Solaria’s highly promising approach through our investment and tailoring R&D and products to their needs.”
In addition to the increased stake in Solaria Corporation, Q-Cells AG concluded a cell supply agreement for a total of up to 1.35 GWp over a 10-year period with the company. This agreement is astep further toward presence on the important and strongly growing American market.
“Evidenced by its impressive market success, Q-Cells has a deeply analytical approach towards anticipating the needs of the solar industry and is one of the few leaders that continues to innovate on a significant scale to meet those needs. Our long-term agreement reflects Q-Cells’ willingness to support its partners and the value proposition our technology brings to the table,” said Suvi Sharma, CEO of Solaria.
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