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HelioVolt Corporation, a producer of highly-efficient thin film solar products, yesterday announced the final closing of its Series B funding round for a total of $101 million, with investments from Sequel Venture Partners, Noventi Ventures and Passport Capital.
"The excitement surrounding CIGS, this emerging new generation of thin-film solar, is palpable."
-- Dr. BJ Stanbery, founder and CEO of HelioVolt.
The additional funding will be used to accelerate scale-up and global deployment of HelioVolt's proprietary manufacturing process for Copper Indium Gallium Selenide (CIGS) building-integrated solar products.
Giacomo Marini, managing director of Noventi, whose fund represents a number of global interests including participation from Sorgenia, a leading Italian utility focused on its developing renewable energy segments, added, "We are impressed with HelioVolt's unique business model and ambitious plans for rapid international expansion. We are confident that this investment will prove to be very high value for us as we continue to work closely with our valuable partners and build our cleantech portfolio."
The initial traunche closed at $77 million in August of this year and was led by Paladin Capital Group and the Masdar Clean Tech Fund. Additional participants in the first closing of HelioVolt's Series B include returning investor New Enterprise Associates as well as Solúcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.
"The excitement surrounding CIGS, this emerging new generation of thin-film solar, is palpable," said Dr. BJ Stanbery, founder and CEO of HelioVolt. "We're very pleased at the extremely high caliber of expertise as well as key relationships that our additional investors bring to HelioVolt."
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