HelioVolt Corp., the Austin, Texas-based producer of thin film solar products, has announced the final closing of its Series B funding round for a total of $101 million, with investments from Sequel Venture Partners, Noventi Ventures and Passport Capital. According to the company, the additional funding will be used to accelerate scale-up and global deployment of HelioVolt's proprietary manufacturing process for copper indium gallium selenide (CIGS) building-integrated solar products.
‘The excitement surrounding CIGS, this emerging new generation of thin film solar, is palpable,’ says Dr. B.J. Stanbery, founder and CEO of HelioVolt. ‘We're very pleased at the extremely high caliber of expertise as well as key relationships that our additional investors bring to HelioVolt. This traunche will support our rapid expansion as we bring our proven photovoltaic semiconductor printing technology to market.’
The initial traunche closed at $77 million in August and was led by Paladin Capital Group and the Masdar Clean Tech Fund. Additional participants in the first closing of HelioVolt's Series B include returning investor New Enterprise Associates as well as SolÃºcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.