Nanosolar Inc., a manufacturer of copper indium gallium diselenide thin-film PV modules, has raised $70 million in new capital. The company says the financing will be used to expand production of thin-film solar cells and panels, support research and development designed to deliver greater efficiency, and drive faster commercialization of the company's solar technology.
The over-subscribed round was funded by current and new investors, including OnPoint Technologies, Inc., Mohr Davidow Ventures and Ohana Holdings LLC.
Nanosolar currently has manufacturing capacity of more than 100 MW, with committed deliveries to multiple international customers in the 2 MW to 11 MW range. The company adds that it has achieved lab-tested top cell efficiency of 17.1% as certified by the National Renewable Energy Laboratory.