Advent Solar, Inc., a manufacturer of advanced solar cells and modules, announced it has secured $30 million in Series C funding.
The round was led by Battery Ventures, a venture capital firm focused on investing in technology-driven companies at all stages of growth. Existing investors EnerTech Capital Partners, @Ventures, the New Mexico Co-Investment Partners (managed by Fort Washington Capital Partners Group), and Angels with Attitude also participated, as did new investor, Firelake Capital. Advent Solar will use the financing to build and operate a 25 megawatt plant for the production of its photovoltaic (PV) solar cells and modules. The company applies a unique Emitter Wrap-through (EWT) design to its back-contact solar cells, delivering higher efficiency, lighter weight, and lower per-watt cost than traditional solar cells. This patented design was originally developed at Sandia National Laboratories.
Advent’s new production facility will be located in Mesa del Sol, a brand new 12,000 acre development and solar cluster in Albuquerque, New Mexico. Advent will ship its first products to customers later this year from its pilot line, and expects to be in full production at its new facility in 2007.
“Advent is bringing to market a full line of advanced PV cells and modules that have the potential to be much lower cost than conventional technology,” said Advent CEO Rusty Schmit. “Unlike thin films and organic PV technologies; Advent’s technology uses industry-standard materials and processes that can more than satisfy our customers’ requirements in a market where demand exceeds supply, while significantly lowering implementation risk.”
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