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Solar Start Up Raises $100M
Staff Reporter -- Electronic News, 6/21/2006
Nanosolar Inc. has completed a Series C preferred stock funding totaling more than $75 million, bringing its total cash position to just over $100 million – funds which it plans to use to take its technology into volume production.
The total cash includes government factory subsidies recently secured by the company. The Palo Alto, Calif.-based company’s technology focuses on photovoltaic solar electricity.
"This will allow us to further expand our leadership position in solar power innovation," said Martin Roscheisen, CEO of Nanosolar, in a statement. "We are looking forward to working with our new investors and partners, who have very successful track records in clean energy, to lead the industry on a path of rapidly more cost-efficient solar electricity."
The financing round included strong participation by the company's existing investors, venture firms MDV-Mohr Davidow Ventures, Benchmark Capital, Onpoint and Japan’s Mitsui.
New investors include SAC Capital and GLG Partners, two world-class investment funds with substantial PV industry investment experience; Swiss Re, the insurance sector leader of the Dow Jones Sustainability Index; Grazia Equity, the original backer of Conergy AG, the world's largest PV system integrator; Christian Reitberger, the original backer of Q-Cells, the world's largest independent silicon cell PV manufacturer; Capricorn Management, the investment arm of Jeff Skoll, known for its support of clean energy causes; the investment arms of SAP founders Klaus Tschira and Dietmar Hopp, and Beck, a leading PV power plant system integrator.
"Nanosolar is the one company we believe has really put together all the pieces necessary to produce a distinct leap forward in the cost efficiency and production scalability of PV cells and panels; we're enthusiastically looking forward to be working with the team," said Alec Rauschenbusch, a managing director of Grazia Equity and a board member of Conergy AG.
"Coal-fired power plants are one of the biggest drivers of global warming," added Jeff Skoll. "As we shift towards a future where the risks of global warming are recognized as both unsustainable and immoral, a company like Nanosolar can help us keep power affordable."
Added Erik Straser, General Partner, MDV-Mohr Davidow Ventures: "This financing is not only a testament to the differentiation of Nanosolar's technology but also a reflection on the entire team and execution capability of the company."
