Solaria raises $65 million, exceeding financing goal

FREMONT, USA: Solaria Corp. has raised more than anticipated in its just closed Series D financing round. The round’s total of $65 million dollars—which includes $10 million in a growth loan facility—is $20 million above the company’s original target, demonstrating investor and industry confidence in Solaria’s groundbreaking solar modules and technology.

Adams Street Partners, Cycad Group, and Western Technologies Inc (WTI) recently joined the Series D round, which was led by CMEA Capital and DBL Investors, following a May 2010 close that included Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital. enXco-an EDF Energies Nouvelles Company also participated in the final close with a small investment.

Solaria will use the newly raised funds to increase availability of their patented modules now that they are shipping around the world.

“We’re accelerating production to meet strong demand for our new modules,” said Dan Shugar, CEO of Solaria. “We appreciate our customers and investors’ confidence in Solaria’s ability to deliver a reliable, cost effective product that advances the deployment of industrial and utility-scale solar power plants.”

“We are very pleased to make an investment in Solaria, as we believe they have developed a superior low concentration solar technology ideal for large solar tracking systems,” said Tom Berman, Partner, Adams Street Partners.

“Solaria’s technology promises an aggressive price/performance metric, focused on meeting increased demand from utilities, independent power producers, integrators, and other energy providers who are focused on affordably deploying solar power in the years ahead,” said David Kirkpatrick, vice president of solar development for enXco.

“WTI is pleased to continue its relationship with Solaria and to help them grow to the next phase. WTI is investing in Solaria because they’re gaining solid traction in the solar market, securing leading customers, and partnering with key players in the industry,” said Dan Holman, investment principal, WTI. WTI has also provided Solaria with $10 million in long term financing—a working capital growth loan.

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 modules are now available to customers in North America, Europe, and Asia.