Advent Solar Receives $30M Investment (NM Business Weekly) (Energy Priorities)

Advanced solar cell company Advent Solar has closed a $30 million C round of VC financing.

Denis Du Bois
November 11, 2005

PV maker Advent Solar said yesterday it has closed a US$30 million round of venture financing, according to an article in the New Mexico Business Weekly.

Advent will use the funds to build a manufacturing facility in Albuquerque's 12,000 acre-Mesa del Sol development.

Leading the round was first-time investor Battery Ventures. Other investors include Seattle-based Angels with Attitude, EnerTech Capital Partners, new investors @Ventures and Firelake Capital, and the New Mexico Co-Investment Partners, a $46 million direct investment venture fund managed by Fort Washington Capital Partners Group.

Advent is developing an efficient silicon-based photovoltaic panel for residential installations. The technology was first developed at Sandia National Laboratories in Albuquerque.

NMBW says the New Mexico VC market is heating up:

"The financing is the latest in a particularly busy investment year for New Mexico. Including private equity and venture capital transactions, at least $86 million has been invested in New Mexico companies and insiders say at least one more deal could form before 2006. Advent's announcement represents the state's largest venture capital round of the year."

At $30 million, this investment puts NM's energy technology sector above the national average. The overall percentage of total VC investment going to energy technologies remains in the low single digits.

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