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HelioVolt Adds $24 Million

HelioVolt Corp., an Austin, Texas-based developer of thin-film photovoltaics, has raised $24 million in additional Series B funding. The round total now stands at $101 million, including a $77 million first close announced in August.

New investors include Sequel Venture Partners, Noventi Ventures and Passport Capital. The initial tranche included participation from Paladin Capital Group, Masdar Clean Tech Fund, New Enterprise Associates, Solucar Energias, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.

PRESS RELEASE
HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced the final closing of its Series B funding round for a total of $101 million, with investments from Sequel Venture Partners, Noventi Ventures, and Passport Capital. The additional funding will be used to accelerate scale-up and global deployment of HelioVolt's proprietary manufacturing process for Copper Indium Gallium Selenide (CIGS) building-integrated solar products.

Sequel understands the disruptive potential of thin-film solar, said Ron Bernal, General Partner with Sequel Venture Partners. From an investment perspective, HelioVolt's FASST