HelioVolt Corp., an Austin, Texas-based producer of copper-iridium-germanium-selenide (CIGS) thin film solar products, announced it has closed $77 million in Series B financing. Paladin Capital Group and the Masdar Clean Tech Fund co-led the round, with support from New Enterprise Associates, Solucar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.
‘This funding round marks the next step in our sustained path toward developing and delivering streamlined CIGS-based systems for both conventional solar modules and building integrated photovoltaic products,’ says Billy J. Stanbery, chief executive officer of HelioVolt.
The new funds will be used to build HelioVolt's first factory and bring CIGS thin film enabled solar products to market. HelioVolt was founded in 2001. Its proprietary FASST process, based on rapid semiconductor printing, is presented by the company as a low-cost, flexible manufacturing process for CIGS synthesis. FASST is protected by nine issued U.S. patents and additional global patents pending.