Copper-indium-gallium-sulfur-(di)selenide (CIGSSe) thin-film start-up, Stion has attracted new funding worth US$130 million from equipment supplier, AVACO and Korean private equity funds, as well as from existing investors that include technology and manufacturing partner TSMC. Some of the funds (US$35 million) are to support the building of a CIGSSe thin-film module plant in Korea in partnership with AVACO. Stion said it was still continuing the planned expansion of its US-based manufacturing plant.
“This investment and partnership represents an exceptional opportunity for Stion,” said Chet Farris, Stion’s president & CEO. “Solar has always been a global business and this investment enables Stion to address market demand in Asia and beyond. We have added world-class investors as well as a strategic partner with deep technical expertise.”
Jae-Gon Wee, the chairman of AVACO noted, “The strategic partnership between AVACO and Stion will accelerate each company’s technology roadmap, thus enabling much faster growth for both parties.”
Stion is producing thin-film solar modules using what it claims is a simpler, low-cost monolithically integrated circuit design and has a verified 14.1% efficiency by the National Renewable Energy Lab.
Timelines for the new thin-film plant were not disclosed. Existing investors Khosla Ventures, TSMC (through VentureTech Alliance), Lightspeed Venture Partners, Braemar Energy Ventures and General Catalyst Partners all participated in the round.
