LONDON – Nanosolar Inc., a company founded in 2002 to pursue the roll-to-roll printing of CIGS (copper, indium, gallium, selenium) photovoltaics on aluminum foil, has raised $70 million.
It is not clear whether this is in addition to, or includes, a $20 million funding announced in February 2012. However, the company has taken in close to $500 million, including a $300 million round in 2008, since its formation.
The latest funding will be used to expand production, support R&D and drive faster commercialization of technology, the company said. The round was funded by current and new investors, including OnPoint Technologies, Inc., Mohr Davidow Ventures, and Ohana Holdings LLC.
Nanosolar (San Jose, Calif.) claims to have the technology to produce the lowest-cost thin-film solar panels. It minimizes the use of expensive high-vacuum manufacturing equipment but still allows solar cells and panels to reach efficiencies competitive with crystalline silicon panels. The company has achieved lab-tested top cell efficiency of 17.1 percent as certified by the National Renewable Energy Laboratory.
"Nanosolar has proven that it continues to effectively execute on its product roadmap and has established itself as a provider of world-class solar solutions," said Eugenia Corrales, CEO of Nanosolar, in a statement.
"We strongly believe in Nanosolar's technology and the company's ability to deliver the most cost-efficient solar electricity for utility scale and defense installations," said John Trbovich, of Arsenal Venture Partners, the manager of OnPoint Technologies Inc.
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