Storage

New Mexico Invests $10 M in Advent Solar

Governor Bill Richardson announced that the state is investing $10 million in New Mexico-based Advent Solar, a company that develops advanced technology solar cells and modules. New Mexico’s commitment is part of a new investment round that will secure more than $70 million in series D funding to allow Advent Solar to expand and meet customer demand.

Advent Solar is expected to hire up to 1,000 employees in the next few years as it ramps up and expands production at its photovoltaic research, production and manufacturing plant, which opened at Mesa Del Sol in Bernalillo County earlier this year. The state’s $10 million commitment to Advent comes via the New Mexico State Investment Council (SIC), which manages the state’s $15.5 billion funds.

“Venture investments like this play a vital role in the state’s portfolio, and when we can find top flight companies like Advent in our own backyard, it’s a double win for all New Mexicans,” said State Investment Officer Gary Bland.

Advent’s cell technology was developed at Sandia National Laboratories and is the basis for its high-performance products, a class of solar cells referred to as back-contact cells. This unique technology brings the potential to lower costs compared to conventional solar photovoltaic panels.

“Today marks another important milestone for a New Mexico company leading the way to provide clean, sustainable energy around the globe, while also creating hundreds of high wage jobs for New Mexicans,” said Governor Richardson. “New Mexico is blazing a trail in clean energy policy, getting in on the ground floor of a growing industry, and investing in home-grown companies like Advent.” In all, New Mexico has invested more than $17 million in Advent over its B, C and D investment rounds.