California, United States — Solaria Corporation has closed US $45 million in a financing round led by CMEA Capital and DBL Investors. Other participants in the round include current investors Sigma Partners and NGEN Partners and new investors Mitsui Ventures and Savitr Capital.
Solaria said that it will use the financing to meet increasing global demand for solar modules for large and utility scale projects, the fastest growing PV market segment. Solaria modules are designed specifically for ground-mounted tracking systems and certified to UL1703 and IEC61215 standards.
“Utilities, solar integrators, and project developers tell us that they want a cost effective solar module that delivers proven crystalline efficiency and reliability,” said Daniel Shugar, Solaria’s CEO. “That is exactly what we’ve spent years developing. After a great deal of testing and field validation, we’re now offering the Solaria module to leading customers in North America, Europe, and Asia. I’m proud to have been present at other milestones in the solar industry, and I believe this will prove to be the most significant yet.”