Solaria has raised US$65 million – which includes US$10 million in a growth loan facility – in its recently closed Series D financing round, a total which is US$20 million above the company’s original target. Solaria is expected to use the newly raised funds to increase availability of its patented photovoltaic modules.
Adams Street Partners, Cycad Group, and Western Technologies (WTI) recently joined the Series D round, which was led by CMEA Capital and DBL Investors, following a May 2010 close that included Sigma Partners, NGEN Partners, Mitsui Ventures and Savitr Capital. enXco and EDF Energies Nouvelles also participated in the final close with a small investment.
“We’re accelerating production to meet strong demand for our new modules,” said Dan Shugar, CEO of Solaria. “We appreciate our customers and investors’ confidence in Solaria’s ability to deliver a reliable, cost effective product that advances the deployment of industrial and utility-scale solar power plants.”
“WTI is pleased to continue its relationship with Solaria and to help them grow to the next phase. WTI is investing in Solaria because they’re gaining solid traction in the solar market, securing leading customers, and partnering with key players in the industry,” said Dan Holman, investment principal, WTI, which also provided Solaria with US$10 million in long term financing-a working capital growth loan.