By Will Soutter
Nanosolar, which produces ground-breaking thin-film solar cells and panels, has amassed a new capital of $70 million.
New and current investors, which include international Family Offices, Ohana Holdings, Mohr Davidow Ventures, and OnPoint Technologies, contributed to the over-subscribed funding round. Nanosolar will use the fund to increase thin film solar cell and panel production, promote research and development to design high-efficiency products, and bring its solar technology to the marketplace as quick as possible.
Nanosolar uses its in-house high-output roll-to-roll printable semiconductor technology to print CIGS inks over inexpensive aluminum foil, thus enabling the production of thin-film solar panels at a comparatively lower cost. This technique reduces the utilization of high-cost vacuum production equipment and allows the company to produce solar cells and panels with efficiency competitive to that of crystalline silicon panels. The company’s current production capacity is more than 100 MW, with agreed supplies to numerous global customers in the range between 2 and 11 MW. Moreover, Nanosolar’s cell achieved a record efficiency of 17.1% as required by the National Renewable Energy Laboratory.
The Executive Chairman of Board of Directors at Nanosolar, Guido Polko expressed happiness about investors’ confidence over the company. The Family Offices’ participation will be helpful in scaling up the company’s business rapidly. This new capital will enable the company to expand to its production capabilities, realize quicker market-reach time for its products, and support research and development activities. The fund will also be utilized to increase the company’s employee base in the United States and Europe.