Georgia, United States [RenewableEnergyWorld.com] Suniva Inc. has announced the completion of a US $75 million Series C financing round, led by Warburg Pincus. Also participating in the round were APEX Venture Partners and returning investors New Enterprise Associates, HIG Ventures and Advanced Equities.
“Most solar is undifferentiated, that’s not the case with Suniva. Their cell design and road-map for commercialization is extremely compelling and represents a unique value proposition for customers,” said Chansoo Joung, a managing director at Warburg Pincus, “
In October 2008, Suniva completed the installation of its first manufacturing line and began production of its first-generation solar cells, marking one of the fastest production ramp-ups to date in solar manufacturing. Keeping pace, Suniva will complete the installation of its second, 64 MW manufacturing line in its Norcross facility this summer.
As a result of the transaction, Warburg Pincus managing directors Chansoo Joung and Dr. Henry Kressel will join Suniva’s board of directors.