A solar cell maker in Atlanta, Georgia received $50 million in funding this week from venture capital firm New Enterprise Associates, Goldman Sachs Group Inc., and others.
The company, called Suniva, licenses solar cell technology from the Georgiat Institute of Technology’s University Center of Excellence in Photovoltaics.
Chief Executive John Baumstark said the infusion of funds will be used to open a manufacturing facility in the second half of 2008. He added that the company’s aim is to reduce cell manufacturing costs to help bring the price of solar power closer to that of grid-based electricity.
Although the company intends to start with the production of solar cells, Baumstark said eventually the company may expand into other segments of the solar industry.
Loading...