California, United States — The solar PV manufacturer Solaria announced that it raised $65 million dollars from investors in a series D financing round. The funds will go toward scaling up the company’s high-efficiency solar modules based on a concentrator concept.
Solaria officials said the round was about $20 million higher than they expected.
The close of this round of funding comes after the company entered into a partnership with the developer enXco, which is owned by the large French energy company EDF Energies Nouvelles.
Solaria produces mono-crystalline PV panels that use a 2x concentration device to increase efficiency and reduce the amount of silicon needed per cell. The panels are made primarily for the ground-mounted utility scale sector.
The round was led by CMEA Capital and DBL Investors. Also participating were Adams Street Partners, Cycad Group and Western Technologies.
This follows a May 2010 close that included Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital. enXco also participated in the final close with a small investment.