Nanosolar Inc., has secured $100 million in funding to take its photovoltaic (PV) solar electricity technology into volume production. The company announced it has completed a Series C Preferred Stock financing in the amount of more than $75 million, which, in conjunction with government factory subsidies recently secured, brings its total cash position (including non-debt cash equivalents) to just above $100 million.
“This will allow us to further expand our leadership position in solar power innovation,” said Martin Roscheisen, CEO of Nanosolar Inc. “We are looking forward to working with our new investors and partners, who have very successful track records in clean energy, to lead the industry on a path of rapidly more cost-efficient solar electricity.”
In addition to strong participation by the company’s existing investors including venture firms MDV-Mohr Davidow Ventures, Benchmark Capital, and Onpoint as well as Japanese trading leader Mitsui, new investors include SAC Capital and GLG Partners, Swiss Re, Christian Reitberger, Capricorn Management, the investment arms of SAP founders Klaus Tschira and Dietmar Hopp, and Beck.
“Nanosolar is the one company we believe has really put together all the pieces necessary to produce a distinct leap forward in the cost efficiency and production scalability of PV cells and panels; we’re enthusiastically looking forward to be working with the team,” said Alec Rauschenbusch, a Managing Director of Grazia Equity and a board member of Conergy AG.
“As the world’s leading and most diversified reinsurer, Swiss Re is strongly committed to sustainability and strives to leverage its expertise in this area in both risk management and investments,” commented Hans Mehn, head of Direct Investments at Swiss Re. “We are attracted to the economics and scalability of Nanosolar’s solar power technology as well as the fit of this investment into Swiss Re’s Sustainability Portfolio.”
“Coal-fired power plants are one of the biggest drivers of global warming,” added Jeff Skoll. “As we shift towards a future where the risks of global warming are recognized as both unsustainable and immoral, a company like Nanosolar can help us keep power affordable.”
Added Erik Straser, General Partner, MDV-Mohr Davidow Ventures: “This financing is not only a testament to the differentiation of Nanosolar’s technology but also a reflection on the entire team and execution capability of the company.”
“We are pleased to have been able to achieve such a broad consensus among the leading investors in this industry that we have managed to develop the world’s distinctly most cost-efficient, mass-manufacturable solar cell,” said Martin Roscheisen. “We are excited about working with our extended team to build a company that contributes to ensuring a safe future where there will be affordable electricity without the risk from carbon emissions.”
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