Fremont, California & Thalheim, Germany [RenewableEnergyAccess.com] Solaria Corporation closed a $50 million Series C round of funding led by Q-Cells AG, in which Q-Cells increased its stake to 33% in Solaria. Plus, Solaria secured a cell supply agreement with Q-Cells ensuring Solaria access to 1.35 gigawatts (GW) over the next ten years.
This cell supply arrangement will enable Solaria to produce more than 2.7 GW of PV modules using its proprietary cell-multiplication technology. The two companies will cooperate on the advancement of cell-specific technologies.
“Our long-term agreement reflects Q-Cells’ willingness to support its partners and the value proposition our technology brings to the table,” said Suvi Sharma, CEO of Solaria.
The long-term relationship between Q-Cells and Solaria will focus on the commercialization and scaling of Solaria’s PV technology platform, while offering Solaria flexibility and support services from Q-Cells, including warranties and access to Q-Cells’ network of European partners.
“We are excited by this investment and the progress,” said Anton Milner, CEO of Q-Cells, which is joined by existing investors Sigma Partners, NGEN and Moser Baer. “Solaria has a high synergetic potential to deliver important cost savings to the current mainstream solar cell applications.”