20 February 2012

CIGS PV firm Nanosolar raises $20m

Nanosolar Inc of San Jose, CA, USA, which makes thin-film photovoltaic cells and panels based on depositing copper indium gallium diselenide (CIGS) and nanoparticle inks on flexible substrates (using roll-to-roll solar cell printing), has closed a $20m round of financing involving existing investors Mohr Davidow Ventures and OnPoint Technologies Inc together with new investor aeris CAPITAL (a Swiss private investment firm). The new investment will fund continued expansion as well as newly committed projects.

Nanosolar operates what is claimed to be the first roll-to-roll solar cell printing factory (in San Jose), as well as a panel-assembly factory in Luckenwalde, Germany.

In the last six months, Nanosolar has announced a number of milestones and projects, including:

• the appointment of Eugenia Corrales (former executive VP of engineering and operations) to CEO as part of a planned transition as prior CEO Geoff Tate retires;
• an expansion of production capacity to 115MW;
• certification by the US Department of Energy’s National Renewable Energy Laboratory (NREL) of solar cell aperture efficiency of 17.1%; and
• two new projects with EDF EN (EDF Energies Nouvelles) in Oregon totaling 3MW, and two new projects totaling 1.5MW at US National Guard bases in Ohio and California.

“This represents the beginning of an exciting new period of growth for Nanosolar,” says Corrales. “With our team firmly entrenched, we will be unveiling new projects and new partners,” she adds.

Nanosolar says that it combines proprietary technology with its system design and manufacturing processes to reduce both panel and balance of system costs, driving the firm’s aim to be a low-cost solar provider, independent of subsidies. “We believe solar printing is the future of low-cost harvesting of solar energy,” comments Erik Oldekop of aeris CAPITAL.

See related items:

Nanosolar’s EVP of engineering & operations transitions to CEO

Nanosolar hits 17.1% aperture efficiency via printed CIGS process

Tags: Nanosolar CIGS thin-film PV panels CIGS

Visit: www.nanosolar.com