SAN FRANCISO AVA Solar Inc., a thin-film photovoltaic (PV) module manufacturer based in Fort Collins, Colo., said Friday (Aug. 29) it has secured $104 million in a second round of venture capital funding.
The funds will be used to complete AVA's first production facility in Longmont, Colo., which will have the capacity to produce 200 megawatts of PV modules annually, according to the company.
The funding round was led by Doll Capital Management (DCM) and included new investors Technology Partners, GLG Partners and Bohemian Companies LLC, as well as prior investors, including Invus LP, according to AVA Solar.
"In the last few years, we've seen many companies with plans to commercialize products for the solar industry," said Tom Blaisdell, a general partner at DCM. "Our commitment to AVA Solar is founded both on the commercial readiness of the product and their management and engineering team's demonstrated ability to deliver."
AVA Solar was founded in 2007 to commercialize a process for manufacturing thin-film photovoltaic modules that is built on 15 years of development at Colorado State University's Material Engineering Laboratory. The company claims to have developed a continuous process for producing solar PV modules at a cost below $1 per watt.