22 April 2010


Amonix raises $129.4m in Series B funding

Amonix Inc of Seal Beach, CA, USA, which makes concentrated photovoltaic (CPV) systems using III-V multi-junction cells, has raised $129.4m in a Series B financing round led by Kleiner, Perkins, Caufield & Byers. Other investors include Adams Street Partners, Angeleno Group, PCG Clean Energy & Technology Fund, Vedanta Capital LP, New Silk Route, and The Westly Group, as well as existing investor MissionPoint Capital Partners.

Amonix previously raised $25m in Series A funding from Goldman Sachs Group and MissionPoint Capital, and received $15.6m in grant funding through the US Department of Energy’s Solar America Initiative (SAI). In 2010, the firm also received $9.5m in stimulus funding as part of the federal Recovery Act's Advanced Energy Manufacturing Tax Credit, which should lead to 269 new clean energy manufacturing jobs in Nevada and 167 new jobs in Arizona. Amonix says that it will use the latest proceeds to accelerate deployments of its CPV systems and expand manufacturing capacity.

The new round of funding reinforces Amonix’s long-term commitment to its customers and projects in the field, says the firm’s CEO Brian Robertson. “Our customers can rely on our strengthened balance sheet, committed corporate partners, proven track record in the field, and an industry-leading warranty package… Customers will realize the benefit through lower-cost financing,” he adds.

“Amonix CPV systems have emerged as the lowest-cost solar technology for sunny and dry environments,” says Kleiner, Perkins, Caufield & Byers partner Ben Kortlang. “Developers and utilities are choosing Amonix systems because of their 15-year track record in the field, high reliability, ease of deployment and industry-leading efficiency.” In the Amonix system, plastic Fresnel lenses collect sunlight and concentrate it to 500 times, allowing 39% efficiency at the cell level (DC current) and 23–25% at the system level (AC current) in volume production. In record demonstrations, cell efficiency has exceeded 41%.

See related items:

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Amonix replaces silicon with III-Vs for its latest CPV system

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