Nanosolar Raises $70M

June7, 2012 by Shannalee in Solar Living

nanosolar logoRecently in the world of alternative energy, California-based solar company Nanosolar made headlines by raising $70 million in equity from investors. This is in addition to previous rounds of $20 million (in 2007) and $300 million (in 2008).

“We are pleased to see the continued trust that our investors place in our company. The Family Offices that joined the round have a long-term view of the solar market and will help Nanosolar scale its business faster,” said Guido Polko, executive chairman of Nanosolar’s board of directors. “With this latest round of funding, Nanosolar will be able to continue ramping up its production capabilities and achieve a faster time-to-market with its products. The money also will allow us to deepen our R&D efforts aimed at achieving even greater efficiency, and significantly expand our employee base in both Europe and the United States.”

Known for resisting the idea that solar panels have to be thick and heavy, Nanosolar prints solar cells that are as thin as paper onto sheets of aluminum foil. Through copper, indium, gallium, selenium and nanoparticle inks, the company creates what it claims to be the thinnest and least expensive photovoltaic panels in the world.

“Nanosolar has proven that it continues to effectively execute on its product roadmap and has established itself as a provider of world-class solar solutions,” said Eugenia Corrales, CEO of Nanosolar.

The new investment comes from both new and existing investors in Nanosolar, including OnPoint Technologies, Mohr Davidow Ventures and Ohana Holdings. Founded in 2007, Nansolar is based out of San Jose, California and keeps offices in Germany.

For more information on Nansolar, visit NanoSolar.com.

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