Georgia-based solar firm Suniva Inc. announced the completion of a $75 million Series C financing round, led by Warburg Pincus.
Also participating in the round were APEX Venture Partners and returning investors New Enterprise Associates (NEA), HIG Ventures and Advanced Equities.
In October 2008, Suniva completed the installation of its first manufacturing line. The company said it will complete the installation of its second, 64-megawatts (MW) manufacturing line in its Norcross facility this summer.
John Baumstark, CEO of Suniva, said: “With this funding round, we will continue to execute on our business plan as we move into promising solar markets here in the U.S. and worldwide.”
Suniva controls exclusive licenses to patents and patent-pending intellectual property developed by founder and CTO Dr. Ajeet Rohatgi at the Georgia Institute of Technology’s University Center of Excellence for Photovoltaic Research.
Suniva currently manufactures ARTisun™ series solar cells with conversion efficiencies above 18%.
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