U.S. solar start-up Suniva Inc., which is backed by a long line of brand-name investors including Warburg Pincus and New Enterprise Associates, has closed on $94.3 million of a proposed $115 million equity financing round, according to a filing with the Securities and Exchange Commission.
Suniva manufactures high-efficiency monocrystalline silicon solar cells for use in high-powered solar modules. The company, based in Atlanta, has raised a steady stream of venture capital in recent years. Suniva announced a $75 million Series C round in 2009, which included financing from investors including Warburg and NEA, as well as APEX Venture Partners, H.I.G. Ventures and Advanced Equities. The company closed on at least $50 million in 2008, and is also backed by Goldman Sachs. In November, Suniva inked a a $15 million working capital loan guarantee from the Export-Import Bank of the United States. With the newest infusion, the company has raised more than $200 million in equity financing.