- Category: Finance
13 Feb 2012
- Published on Monday, 13 February 2012 18:46
- Hits (6745)
San Jose, California-based solar cell manufacturer Solar Junction closed its Series D financial round with $19.2 million from investors to scale up the manufacturing of their record-breaking solar cells for the concentrating photovoltaic market.
The company closed its largest round to date with investments from venture capital and growth equity firm New Enterprise Associates; venture capital firm Advanced Technology Ventures; investment firm Draper Fisher Jurvetson; and IQE, a supplier of advanced semiconductor wafers.
IQE is also entering into a strategic partnership with Solar Junction which will enable Solar Junction to meet demand and fulfill current and future orders with a number of CPV companies.
Under the terms of the partnership, IQE is investing an additional $5 million in Solar Junction and will receive an exclusive multiyear wafer supply contract with the solar cell manufacturer.
Solar Junction specializes in multi-junction solar-cells. As of April of last year, they achieved a record 43.5 percent conversion efficiency for their product, as verified by the National Renewable Energy Laboratory. – Katrice R. Jalbuena