Advent Solar Raises $70M

Advent Solar, which makes solar cells and modules, has raised over $70 million in a series D funding, which it will use to ramp up production to 70 MW at its new New Mexico facility.


Advent claims its back contact cells – which are also used by competitor SunPower – provide higher performance at lower cost because the design allows for simpler assembly into modules and uses much thinner slices of silicon.


Its technology was developed by the U.S. government’s Sandia National Laboratories.


Advent has raised a total of $110 million and has 175 employees. It is expected to hire up to 1000 employees over the next several years.


Existing investors, Battery Ventures, EnerTech Capital, @Ventures, New Mexico Co-Investment Partners and Firelake Capital were joined by new investors, ZBI Ventures, Sun Mountain Capital and Globespan Capital Partners.


Rusty Schmit, President and CEO of Advent Solar said, “With the strength of our new investors augmenting that of existing investors, the company is poised to become one of the leaders in the industry. The new funds will enable us to expand faster in emerging geographical markets, accelerate our product development and extend the services organization to meet the demands of our growing number of customers. The support from the State of New Mexico has also been critical for our success and we are excited about the commitment they have shown to ensuring our future development here in New Mexico.”


New Mexico has invested over $17 million in Advent – which is based in the state – in its various investment rounds. Its investment is through the New Mexico State Investment Council, which manages the state’s $15.5 billion funds.


Said Governor Richardson, “New Mexico is blazing a trail in clean energy policy, getting in on the ground floor of a growing industry, and investing in home-grown companies like Advent.”

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