Advent Solar Receives $30M Investment (NM Business Weekly)
Advanced solar cell company Advent Solar has closed a $30 million C round of VC financing.
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.
Comments
good to see money investment in solar!!
Envision Solar (EVSI), this is also going to be a very profitable company….They are turning the traditional solar panel(ugly and hidden),into something that can be placed in plain site, and used as a shade tree along with the practicality of utilizing green solar energy. Even if revenues don’t increase huge in the next few quarters, the demand for their products will increase over time. And getting one contract for them can be a huge project
Posted by: Anonymous | July 7, 2010 07:23 PM