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Monocrystalline solar cell start-up, Suniva Inc has secured US$75 million in a Series C financing round as it prepares to add a second 64MW manufacturing line at its Norcross, Georgia facility this summer. The previous financing round was undertaken in February 2008, which attracted US$50 million, with publicly shared investment in the company passing US$125 million since the firm was launched.
“In a year when most companies lowered their expectations, the investment community recognized Suniva’s ability to execute,” said John Baumstark, CEO of Suniva. “Our technology delivers the performance, cost and quality needed for solar’s next phase of growth. With this funding round, we will continue to execute on our business plan as we move into promising solar markets here in the U.S. and worldwide.”
The new round of financing was led by Warburg Pincus and also included APEX Venture Partners, New Enterprise Associates, HIG Ventures and Advanced Equities.
