NewNet News - US solar developer Integrated Photovoltaics raises $8.5m in Series A funding

US solar developer Integrated Photovoltaics raises $8.5m in Series A funding

30 Mar 2010

Integrated Photovoltaics, a stealth mode developer of photovoltaic solutions, has raised $8.5m in a Series A funding round led by US venture capital firm Peninsula Ventures.

Global clean technology fund management group I2BF and seed backers Alloy Ventures and Labrador Ventures also joined the round.

Still in stealth mode, privately held California-based developer Integrated Photovoltaics said the new funds will be used to continue development of its third generation photovoltaic solution, designed to reduce the cost of generating electricity.

With this new round of funding, Sam Lee from Peninsula Ventures and David Waserstein from I2BF will join Dan Rubin from Alloy Ventures on the company’s board.

‘Integrated Photovoltaics’ technology will have significant implications for the market, and the company’s capital-efficient approach will allow them to address a very sizeable market opportunity with venture capital-levels of capital,’ said Lee.

Alloy Ventures and 12BF have been busy investing in clean technology in 2010. Established in 2005, international renewable energy and clean technology fund management group I2BF which has over $95m in assets under management, also recently participated in a $38m funding round for wind turbine manufacturer Nordic Windpower.

Early stage venture capital firm Alloy ventures, which has $1bn under management, returned as an investor in a $15m Series C financing round for US sustainable chemicals company Genomatica.

Tags: solar