Holographic PV module developer Prism Solar Technologies said it has closed a $5 million bridge round of financing, which will be used to help fund the acquisition and buildout of its new manufacturing facility. The round was led by London-based I2BF Venture Capital, with Counter Point Venture Fund, Merrimaker, and other investors also participating.
In March, Prism Solar purchased a 93,000 sq-ft manufacturing facility, located on 6.5 acres of land in Highland, NY, from a Panasonic subsidiary. The company said that the plant will ultimately produce 60 MW of holographic planar concentrator (HPC) solar modules for domestic markets and 1000 MW of its patented HPC film for sale to other module manufacturers.
“I am especially pleased that almost all of our current investors participated in this bridge round,” said Richard Lewandowski, Prism’s president and CEO. “It demonstrates the investors’ strong support for our technology and growth, as well as for our management team.”
The new production facility includes features normally found in a purpose-built site, such as glass handling and cleaning equipment, a fully equipped machine shop, specialty optical tools, 30,000 sq ft of cleanroom space, and a wet lab. The company said that certain equipment can be modified to produce thin film and crystalline PV cells and modules. Prism intends to create more than 200 jobs in the first few years and up to 400 over five years.