Solaria Inc., a Fremont, Calif.-based developer of photovoltaic module production solutions, has raised $45 million in Series D funding. CMEA Capital and DBL Investors co-led the round, and were joined by Mitsui Ventures, Savitr Capital and return backers Sigma Partners and NGEN Partners. The company previously raised around $72 million.
Solaria Corporation, a leading designer and global manufacturer of solar photovoltaic modules, announced today that it has closed $45 million in a financing round led by CMEA Capital and DBL Investors. Other participants in the round include current investors Sigma Partners and NGEN Partners and new investors Mitsui Ventures and Savitr Capital.
Solaria will use the financing to meet rapidly increasing global demand for cost effective solar modules for large and utility scale projects, the fastest growing PV market segment. The company’s aggressive growth plans demonstrate the capital efficiency of its business model.
“Utilities, solar integrators, and project developers tell us that they want a cost effective solar module that delivers proven crystalline efficiency and reliability,” said Solaria CEO Daniel Shugar. “That is exactly what we’ve spent years developing. After a great deal of testing and field validation, we’re now offering the Solaria module to leading customers in North America, Europe, and Asia. I’m proud to have been present at other milestones in the solar industry, and I believe this will prove to be the most significant yet.”
“Solaria’s module lines up perfectly with the requirements of renewable energy providers that are looking to install more solar power. We’re investing in Solaria because they’ve already begun to establish solid traction in the solar market and are partnering with key players in the industry,” said Rachel Sheinbein, Partner at CMEA Capital.
“Solaria’s novel approach gives it a substantial production cost advantage without a high level of capital investment,” added Mark Perutz, Partner at DBL Investors. “This infusion of capital will allow Solaria to drive to commercial success, with the added benefits of green job creation, and broader adoption of renewable energy production in the US and worldwide.”
Solaria modules are designed specifically for ground-mounted tracking systems and certified to UL1703 and IEC61215 standards. Solaria’s proprietary manufacturing processes require only a fraction of the capital expenditure per watt of manufacturing capacity needed by standard industry processes.
Solaria Corp. designs, manufactures and markets silicon PV modules to solar system integrators, project developers and electric utilities. Based on its patented low-cost technology, Solaria’s modules provide reliable performance while matching form, fit and performance of conventional PV modules. Solaria headquarters are in California with European offices in Germany. For more information, please visit www.solaria.com
About CMEA Capital
CMEA Capital is a venture capital firm focused on energy & materials, high technology, and life sciences investments. CMEA’s portfolio companies typically have cutting edge, highly differentiated, and often multidisciplinary technology at their core, with founding teams of the highest caliber. CMEA invests in both early and late stage ventures, and has a strong network of corporate, investment, and entrepreneurial relationships that it leverages on behalf of its portfolio companies. www.cmea.com
About DBL Investors
DBL Investors is a venture capital firm created from the spin-out of the Bay Area Equity Fund from JPMorgan in early 2008. The DBL Investors “double bottom line” investment approach combines top-tier financial returns with meaningful social, economic and environmental improvement in the regions in which it invests. DBL Investors’ funds have a strong emphasis on investments in clean tech as well as investments in health care, information technology, and sustainability-oriented products and services. www.dblinvestors.com
About Sigma Partners
Founded in 1984, Sigma Partners has invested in over a hundred early stage companies. With roots firmly planted in operational experience, Sigma’s unique culture of collaboration has flourished for over 20 years. Because the mastery of business operations requires an understanding of how all the pieces of a business fit and work together, Sigma’s partners apply their diversity of experience in collaborating to get the best business results. www.sigmapartners.com
About NGEN Partners
Founded in 2001, NGEN Partners is a pioneering investor in the cleantech sector. NGEN invests in early to late stage businesses that offer economically valuable products and services that positively affect the environment. With a history in materials science, NGEN has deep expertise in alternative energy, energy efficiency, pollution abatement and green resources. www.ngenpartners.com
About Mitsui Ventures
Mitsui Ventures is the venture investment arm of Mitsui & Co., Ltd. Mitsui Ventures is a global venture capital group, actively investing through two subsidiaries, MVC (Asia) and MCVP (USA) investing in Health care, Technology, Clean Tech, Retail and Services sectors. www.mitsuiventures.com
About Savitr Capital
Savitr was founded in 2008 with a view to investing in equity securities of companies focusing on renewable and clean energy. Savitr has a focused and proven investment process based on 40+ years in portfolio management and investment research, edge in identifying opportunities in a defined theme, intense fundamental research to separate winning and losing companies and consistently applied risk management discipline. www.savitrcapital.com