Crystalline-silicon module developer-manufacturer Solaria has closed $45 million in a financing round led by CMEA Capital and DBL Investors. Other participants in the round include current investors Sigma Partners and NGEN Partners and new investors Mitsui Ventures and Savitr Capital.
Solaria said it will use the financing to meet rapidly increasing global demand for cost-effective solar modules for large and utility-scale projects, adding that its aggressive growth plans demonstrate the capital efficiency of its business model.
“Utilities, solar integrators, and project developers tell us that they want a cost effective solar module that delivers proven crystalline efficiency and reliability,” said Solaria CEO Daniel Shugar. “That is exactly what we’ve spent years developing. After a great deal of testing and field validation, we’re now offering the Solaria module to leading customers in North America, Europe, and Asia.”
“Solaria’s module lines up perfectly with the requirements of renewable energy providers that are looking to install more solar power,” said Rachel Sheinbein, partner at CMEA Capital. “We’re investing in Solaria because they’ve already begun to establish solid traction in the solar market and are partnering with key players in the industry.”
“Solaria’s novel approach gives it a substantial production cost advantage without a high level of capital investment,” added Mark Perutz, partner at DBL Investors. “This infusion of capital will allow Solaria to drive to commercial success, with the added benefits of green job creation, and broader adoption of renewable energy production in the U.S. and worldwide.”
Solaria’s flat-plate low-concentrator PV modules are designed specifically for ground-mounted tracking systems and certified to UL1703 and IEC61215 standards. The Fremont, CA-based company says its proprietary manufacturing processes require only a fraction of the capital expenditure per watt of manufacturing capacity needed by standard industry processes.