Solar cell manufacturer Solaria just announced that it has secured $65 million in financing, more than twice the funding it reportedly sought. What's interesting about Solaria is that unlike the thin-film solar darlings of late, the company makes solar modules based on a technology that requires more silicon. This is bad when silicon prices are high, but Solaria has an advantage when silicon is cheaper, as it is currently. Here's the lowdown from VentureBeat's GreenBeat blog:
Solaria plans to use its new influx of cash to increase availability of their patented modules, which are currently available in North America, Europe and Asia. The new financing includes $10 million set aside for a new growth loan facility.
The company’s appeal lies in its technology, which can cut capital expenditure dramatically for solar module manufacturing. Its solar modules are built for use in tracking systems, which follow the sun’s movement across the sky to maximize absorption and are used in large-scale solar projects by industrial companies and utilities.
This makes us wonder if solar will, so to speak, get a second wind when it comes to cleantech investment. Anything that appeals to the utilities in terms of meeting their renewable-energy objectives is going to stand a reasonable chance of at least being in the alternative energy mix in coming years.
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