US solar company Suniva completes $75m financing round
27th July 2009
Suniva, a US-based solar company, has completed a $75m Series C funding round led by private equity firm Warburg Pincus.
New investor APEX Venture Partners and existing investors New Enterprise Associates, HIG Ventures and Advanced Equities also participated in the funding round.
‘In a year when most companies lowered their expectations, the investment community recognized Suniva’s ability to execute,’ said John Baumstark, CEO of Suniva. ‘Our technology delivers the performance, cost and quality needed for solar’s next phase of growth. With this funding round, we will continue to execute on our business plan as we move into promising solar markets here in the US and worldwide.’
The company will use the financing to ramp up its manufacturing rates from 64MW to 100MW per year at its Georgia plant, as well as expand its operations in Asia and Europe. As part of the deal, Warburg Pincus managing directors Chansoo Joung and Dr Henry Kressel will join Suniva’s board of directors.
Suniva develops, manufactures and markets its ARTisun series high-efficiency silicon photovoltaic cells for clean power generation.
The company opened its first solar factory in Atlanta at the close of last year.
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