SV Solar Gains $10.2 M in Funding & Acquires NuEdison

Santa Clara, California [Renewable EnergyAccess.com] Silicon Valley (SV) Solar completed its Series A funding round totaling $10.2 million and completed it acquisition of NuEdison, a solar photovoltaic (PV) manufacturer based in Silicon Valley.

The Series A funding will be used for the process development, equipment, materials and staffing required to mature the company's Sol-X technology to commercial form.

"I'm very excited about the opportunity to join SV Solar," said Joe Lichy, President and founder of NuEdison. "We have very complimentary technologies and resources, and it was clear to me that together we could build better products at lower cost."

SV Solar has an established network of business relationships that include a 10-megawatt (MW) purchase order from Pacific Power Management, a contract manufacturing agreement with GSS, a cell sourcing agreement with ErSol and a collaboration agreement with Conergy.

"We believe the addition of NuEdison will serve to accelerate SV Solar's ability to deliver upon their value proposition," said Justin Label, Cleantech partner for Bessemer Venture Partners (BVP), the lead investor in this round.