Atlanta, Georgia [RenewableEnergyAccess.com] Suniva Inc. has announced the completion of its second round of financing for $50 million. The round was co-led by return investors, New Enterprise Associates, and Advanced Equities, Inc.
Suniva will use the funding to rework the manufacturing processes for its solar cells, with a goal to drive down the cost of photovoltaic (PV) ownership to meet the costs of conventional grid power. A meaningful reduction in raw materials consumption coupled with a lower cost process will enable Suniva to significantly reduce the cost per watt of its cells and ultimately the final installed cost of PV systems.
“This round marks a major milestone in our path to commercialization and speaks to the acumen of our stellar group of investors and board members. As the industry looks to scale production and bring down costs, Suniva’s experienced executive team and proven technology is well positioned to lead the industry with its high-value approach to solar cell manufacturing,” said John Baumstark, president and CEO of Suniva.