Solar Technology Continues To Dominate Investment In Q1

U.S. venture capital (VC) investment in cleantech companies increased by 54% to $1.14 billion in the first quarter of this year (Q1'11), from $743.3 million in the first quarter of 2010 (Q1'10).

This increase occurred despite a 13% decrease in deals year-on-year from 79 to 69, according to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource. The top 10 deals in Q1'11 totaled $683.1 million, 60% of the total raised for the quarter, and two deals accounted for 18% of the total dollars raised.

"The U.S. cleantech market experienced continuing momentum - both from a venture capital perspective and among the larger investment community," says Jay Spencer, Ernst & Young LLP's Americas cleantech director. "The second generation of solar companies and larger, later-stage rounds dominated VC investor interest in Q1."

The energy/electricity generation segment, led by strong solar investments, raised $450.3 million through 16 deals in Q1'11. The solar sub-segment accounted for 32% of the total dollars raised for the quarter with $362.7 million, a 162% gain from Q1'10.

Specifically, MiaSole, a manufacturer of copper indium gallium selenide thin-film photovoltaic solar panels, was the largest deal of the quarter. The company raised $106 million in a later-stage round of financing, 24% of total dollars in Q1'11. Alta Devices, a northern California company that focuses on improving the production economics of high-efficiency solar PV applications, had the fourth largest deal of the quarter, with $72 million third-round financing.

Companies generating revenue raised $596.4 million, 52% of the total dollars invested in Q1'11, up from just 34% in the same period last year, the report adds. Later-stage rounds accounted for 28 deals and $721.6 million, representing 67% of the total quarterly investment compared to 57% in Q1'10. However, first-round investment also increased by 77% to $146.1 million compared to $82.7 million in Q1'10.

In Q1'11, California accounted for 56% of the total dollars funded, with $637.2 million, up 41% year-on-year. Northern California attracted 79% of dollars raised throughout California. This quarter was also strong for investment in the Southeast and the New England regions, Ernst & Young says.

Companies in the Southeast garnered $150.2 million, and New England-area companies attracted $174.23 million, a 193% increase compared to Q1'10.

The focus on solar was also reflected in corporate investment in Q1'11, the report says. New corporate engagements in this segment included California-based Innovalight and Taiwan-based Motech's partnership to develop solar cells using silicon ink. Additionally, Citigroup and SolarCity set up a $40 million fund for solar power projects.

In terms of other capital market activity, 15 U.S. mergers and acquisitions cleantech deals, with a value of $206 million, were completed in Q1'11, according to IHS Herold. The largest deal was the acquisition of a 70% stake in Solar Power Inc. by LDK Solar Co. Ltd. for $29 million.

Source:  Solar Industry

NREL Verifies MiaSole's 15.7% CIGS Thin-Film Module Conversion Efficiencies

The U.S. Department of Energy's National Renewable Energy Laboratory (NREL) has independently confirmed the 15.7% efficiency rating of MiaSolé-produced (1 square meter in size) copper indium gallium (di)selenide (CIGS) thin-film modules. A year ago, MiaSolé touted a module efficiency of 14.3%. The company also reiterated that it would shipping 22MW in 2010.

“This is a very exciting result, especially when it comes so soon after the previous 14.3% achievement from last September,” noted Rommel Noufi, an NREL solar researcher. “An almost 1.5% absolute increase in efficiency in such a short time on a continuous roll-to-roll manufacturing line is impressive and demonstrates good process control and a validation of the MiaSolé approach.” 

"This is a significant accomplishment as it represents the ability to manufacture full-scale CIGS modules with efficiencies equal to or better than that of polycrystalline silicon modules available in the world today but manufactured at a thin-film cost structure. We are pleased that we are executing ahead of our roadmap for efficiency improvements and feel confident in our ability to bring high efficiency CIGS technology to the market place,” commented Joseph Laia, CEO of MiaSolé. 

According to Noufi, CIGS technology is now on its way to achieving DOE’s target of $1 per Wp photovoltaic systems and narrows the gap between laboratory reported efficiencies of 20.3%.

MiaSolé says it is the only thin-film solar company that uses sputtering processes at each step of the coating process, which is also claimed to be a low-cost production method.


source:  PV-tech.org


Views:    At 15.7% - this is getting very close to the efficiency of Polycrystalline Solar Panels.   At this rate we should see more CIGS companies bringing their products to the market next year.