Olympus Capital Partners led the Series C financing for Solexant, helping the company finish the first part of the round with $41.5 million. The funding comes on the heels of the 2MW pilot line completed at the company’s headquarters. DBL Investors and Birchmere Ventures also joined veteran investors during Series C. In addition to the closing of the financing round, Solexant will be welcoming Rami Elkhatib, general partner of Olympus Capital Partners, and Cynthia Ringo, managing partner of DBL Investors, to its board of directors.
“Solexant’s innovative printed nanocrystal technology platform has the potential to deliver the lowest cost per watt in the solar industry,” said Damoder Reddy, CEO of Solexant. “During these uncertain economic times, our cost-effective and rapidly scalable manufacturing process attracted new investors, while retaining strong support from our existing investors. The expertise from the new investors and additions to the board will strengthen Solexant’s core team and help foster success as we move from R&D toward the commercialization phase.”
Solexant’s printable nanocrystal technology for roll-to-roll manufacturing was developed at the Lawrence Berkeley National Lab for the production of flexible thin-films with a variety of materials in a fast and simple deposition process. The nanocrystal ultrathin-film solar cell is said to be more efficient and have a higher throughput and lower labor costs.
The company’s first commercial products will be based on printed CdTe nanocrystals, with plans to commercialize solar cells using other, higher-efficiency printed nanocrystal materials in the years to come.