Solar cell maker Solexel bags $31 mln


Solexel has closed $31 million in financing. The investors included GAF, Kleiner Perkins Caufield & Byers, Technology Partners, DAG Ventures, Northgate Capital, GSV Capital Corp. Gentry Venture Partners and Jasper Ridge Partners. Based in Milpitas, Calif., Solexel is a solar cell and module maker.

PRESS RELEASE

Milpitas, California, July 21, 2014

Solexel, a venture‐backed solar cell and module manufacturer based in Milpitas, California, is pleased to announce that on Friday, July 11th, the company raised $31M of equity financing. The funds will be used to begin commercial production of its high‐performance, low‐cost, lightweight, thin‐crystalline‐silicon solar modules. Investors in Solexel include Kleiner Perkins Caufield & Byers, Technology Partners, DAG Ventures, Northgate Capital, GSV Capital Corp. (NASDAQ: GSVC), Gentry Venture Partners and Jasper Ridge Partners. Both existing and new investors participated in this fundraising round, including new investor GAF, the largest roofing materials manufacturer in North America.

As certified by National Renewable Energy Laboratory (NREL), Solexel holds the world‐record efficiency for a production‐format (156mm x 156mm) thin‐crystalline‐silicon solar cell. Solexel’s solar modules include integrated smart electronics that enhance real‐world performance by reducing the negative impact of shading, soiling and snow cover. The modules are also lightweight, enabling installation on weight‐constrained residential and commercial rooftops, and reducing the cost of the balance‐of‐system (such as mounting or installation labor). Solexel is in the process of moving from its research and development phase to commercial production.

Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.