Nanosolar Secures $20 Million in New Funds


Posted on February 17, 2012 @ 10:38 am



Thin film solar printing leader Nanosolar, Inc. announced that it has closed $20 million to fund continued expansion as well as newly committed projects. Current investors Mohr Davidow Ventures and OnPoint Technologies, Inc. participated in the round with new investor aeris CAPITAL.

“We are excited to renew our investment and strongly believe in Nanosolar’s technology and the team’s ability to compete with current market leaders by delivering on its low cost promise,” said Erik Straser of Mohr Davidow Ventures.

“We believe solar printing is the future of low cost harvesting of solar energy,” said Erik Oldekop of aeris CAPITAL. “We are eager to be a part of Nanosolar’s growth and validation.”

Within the last six months, Nanosolar has announced a number of milestones and projects that have helped strengthen its position as the thin film solar cost leader. They include:

• The appointment of Eugenia Corrales to CEO as part of a planned transition.
• A production expansion to a 115 MW capacity.
• NREL-certified thin film solar cell aperture efficiency of 17.1%.
• Two new projects with EDF EN in Oregon totaling 3 MW.
 • Two new projects totaling 1.5 MW at National Guard bases in Ohio and California.

“This represents the beginning of an exciting new period of growth for Nanosolar,” said Corrales. “With our team firmly entrenched, we will be unveiling new projects and new partners as part of our commitment to deliver the industry’s lowest cost thin film solar solution.”


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