Sencera, a developer of photovoltaic modules and thin -film systems, has completed a three-stage $15.6 million equity investment. Under the terms of the transaction, the company has received $5.2 million in equity. The remaining investment is to be completed in two equal stages of $5.2 million based upon completion of development milestones.
Proceeds will be utilized to fund the Company’s first 35-megawatt (MW) photovoltaic module factory located in Charlotte, NC. Sencera will also accelerate the development of its second generation high-efficiency amorphous/microcrystalline silicon solar module.
"This investment will help us outfit the first full manufacturing line, and will accelerate process development on our thin-film silicon based photovoltaic modules. We anticipate reduced manufacturing costs over traditional modules, with Sencera’s module production costs expected to be below $1 per peak watt," stated CEO Dr. Rusty Jewett.
Quercus Trust and Michael Draper of Equinox Securities led the investment. "We are pleased to expand Sencera’s long-term strategic relationships with experienced clean tech investors," stated Dr. Jewett. Quercus and Draper also led the company’s initial $3.6 million equity investment announced April 15, 2008.
Sencera was founded in 2003 as a hardware company focused on the thin film transistor and integrated circuit industries. The company developed plasma enhanced chemical vapor deposition (PECVD) tools and processes for a wide variety of materials. In 2006, high-quality amorphous and microcrystalline silicon thin films were produced at rates 8-10 times faster than leading thin film solar module companies, the company said.
As a result, Sencera shifted focus to the solar energy industry. In 2007, The Viper PECVD manufacturing platform was introduced. The first prototype manufacturing line, based on the Viper, was opened in mid 2008. Recently, Sencera announced plans to produce thin-film photovoltaic modules in its first production factory in Charlotte, NC.
In addition to the production of 1.1 by 1.4 meter amorphous silicon modules, Sencera will enhance Research and Development capabilities at its Charlotte, NC headquarter office.
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