NanoSolar raised $300M in Mega Round for Thin Film Solar Energy
By Azam on August 27, 2008 
Nanosolar the manufacturer of thin-film solar panels announced that the company has raised $300 million to help it complete production lines in Silicon Valley and in Germany. The $300M dollar amount is the largest amount of money raised by a solar start up so far this year, and confirms investors strong approval and validation for the company’s technology and readiness for prime time.
NanoSolar develops Thin Flim Solar panels using copper indium gallium selenide known in the industry as (CIGS) rather than costlier silicon based Photovoltaic cells. Thin Film Solar panels are based on technology that is cheaper and more cost effective solution for solar energy. NanoSolar aims to profitable and deliver panels for cost around 99 cents a watt.
In the company blog, the Palo Alto-based company’s CEO, Martin Roscheisen, said the company has had “tremendous demand” for its product that gives utility-scale power producers “the solar panel technology to build and operate cost efficient solar power plants.”
The new capital helps accelerate production expansion for Nanosolar’s 430MW San Jose factory and 620MW Berlin factory.
Roscheisen said in the blog, “As part of the transaction, the boards of directors of AES Corp. (one of the world’s largest power companies), the Carlyle Group, EDF (the world’s largest electric utility), and Energy Capital Partners signed off on investments into Nanosolar through Riverstone Holdings, EDF Renewables, and simultaneously formed AES Solar. A fraction of the oversubscribed Nanosolar equity round also included financial investors such as Lone Pine Capital, the Skoll Foundation, and Pierre Omidyar’s fund as well as returning investors including GLG Partners, Beck Energy, and Conergy founding investor Grazia Equity.”
The round brings the company’s total funding to just under $500 million and reported 2B valuation. The company raised the $300M in March and failed to mention the capital raised until Venture Wire reported on the round.
Tags : CIGS, Martin Roscheisen, NanoSolar, Thin Film Solar