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16 August 2007


HelioVolt raises $77m in second-round funding for CIGS

HelioVolt Corp of Austin, TX, USA, which produces thin-film solar cells based on copper indium gallium diselenide (CIGS), has closed a $77m Series B round of financing. The round was co-led by Paladin Capital Group and the Masdar Clean Tech Fund, with support from returning investor New Enterprise Associates as well as Solucar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.

After being founded in 2001, HelioVolt’s $8m Series A round in 2005 was led by New Enterprise Associates, which has two representatives on HelioVolt’s board of directors. The new funds will be used to build HelioVolt’s first manufacturing plant and bring products to market.

“We believe that HelioVolt has the technical understanding and market vision to achieve near term successes and deliver on long term potential,” says Ken Pentimonti, principal at Paladin Capital Group. “HelioVolt’s proprietary FASST manufacturing process [a low-cost, flexible process for CIGS synthesis, based on rapid semiconductor printing] represents the breakthrough that can establish solar energy as the most economical - and practical - choice for distributed electricity generation,” adds Nadim Barakat, managing director at Credit Suisse and the general partner of the Masdar Clean Tech Fund.

“This funding round marks the next step in our sustained path toward developing and delivering streamlined CIGS-based systems for both conventional solar modules and building integrated photovoltaic (BIPV) products,” says HelioVolt’s founder and CEO Billy J. Stanbery (inventor of the FASST process).

See related items:

SoloPower raises $30m in funding following $2.37m DoE grant award

Ascent Solar shareholders approve increase in Norsk Hydro stake from 23% to 35%

Honda starts selling CIGS solar cells

Emerging PV technologies growing at 43% annually

DOE funds first projects in $168m Solar America Initiative

HelioVolt and Exeltech to co-develop CIGS-enabled solar modules and building-integrated photovoltaic products