By Colleen Taylor, Contributing Editor -- Electronic News, 8/17/2007
Marking a particularly high investment in the increasingly popular realm of solar technology startups, thin film photovoltaic coating producer HelioVolt Corp. has closed on $77 million in Series B financing.
According to the company, Paladin Capital Group and the Masdar Clean Tech Fund co-led the round with support from returning investor New Enterprise Associates as well as Solúcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.
HelioVolt said that the new funds will be used to build its first factory and bring its Copper Indium Gallium Selenide (CIGS) thin film enabled solar products to market.
"Clean energy is a global need, and we are proud to have the support of a premier group of financial and market partners as we target those international markets," B.J. Stanbery, CEO of HelioVolt, said in a statement. "This funding round marks the next step in our sustained path toward developing and delivering streamlined CIGS-based systems for both conventional solar modules and building integrated photovoltaic products."
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