Concentrating photovoltaic solar company Solaria Corporation added an additional $20 million to its Series D financing round, bringing the total to $65 million.
The company said the additional funds were more than originally targeted and include $10 million in a growth-loan facility.
Adams Street Partners, Cycad Group, and Western Technologies Inc (WTI) recently joined the investor group, following a May 2010 close that included CMEA Capital, DBL Investors, Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital.
enXco-an EDF Energies Nouvelles Company (EEN.PA)–also participated in the final close with a small investment. enXco also signed a five-year supply deal to purhcase Solaria panels.
Solaria will use the newly raised funds to increase availability of their modules to global markets.
"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 modules are designed specifically for ground-mounted tracking systems. The company says its proprietary manufacturing processes require less capital expenditure per watt of manufacturing capacity compared to standard industry processes.
Solaria’s modules are designed to produce the same amount of electricity using less silicon than competing solar panels. The manufacturing process starts with standard crystalline silicon solar cells. The cells are singulated into strips and roughly half of them are used to make a second cell. The strips used for each cell are attached to a magnifying optical front cover, which effectively doubles the amount of light striking the cell, thereby making up for the reduction in silicon area.
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