With the funds, Stion will expand its US manufacturing facility and establish a subsidiary in Korea to build a thin-film module factory serving Asian and European markets, with a $35 million initial investment.
December 27, 2011 – BUSINESS WIRE — Thin-film solar module maker Stion received a $130 million equity investment led by AVACO and Korean private equity funds. Existing investors Khosla Ventures, Taiwan Semiconductor (through VentureTech Alliance), Lightspeed Venture Partners, Braemar Energy Ventures, and General Catalyst Partners all participated in the round.
With the funds, Stion is continuing the planned expansion of its US manufacturing facility in Hattiesburg, MS. The company also will establish a subsidiary in Korea (Stion Korea) to build a thin-film module factory serving Asian and European markets, with a $35 million initial investment.
The transaction includes a strategic partnership with AVACO, a leading provider of thin-film processing equipment. The two parties will collaborate to develop next-generation thin-film production equipment that helps lower costs, improve tool productivity, and increase module efficiency.
Stion uses low-cost monolithically integrated circuit designs to make high-efficiency, thin-film 65 x 165cm solar modules. Stion has recorded monolithic thin-film circuit solar cell efficiency at 14.1% (manufactured at production scale; verified by the National Renewable Energy Lab, NREL).
Stion manufactures high-efficiency thin-film solar modules. For more information, visit www.stion.com.
For more information on AVACO, visit www.avaco.co.kr.