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Sierra Solar has reportedly managed to get most of the way to its goal of raising $60 to $70 million in a successful second round of funding. A report on cleantech news site Venturebeat revealed that the cell manufacturer managed to raise $40 million in its second of three rounds, having raised $7.1 million from GSR Ventures and DragonTech Ventures in the first attempt.
Sierra’s plan is to market its thin-film modules, which are manufactured in China at a lower cost than that of most competitors. The report claimed that Sierra’s cells reach efficiency levels of between 16 and 17%, compared to the industry average of 15%, and that the company’s lower cost of operation means that it could potentially lower the cost to the solar industry by $1 per watt.
