Santa Clara, Calif.-based Silicon Valley Solar recently completed its Series A funding – totaling $10.2 million – and the acquisition of NuEdison, a manufacturer of photovoltaic modules.
The Series A funding will be used for the process development, equipment, materials and staffing required to mature the company's Sol-X technology to commercial form, Silicon Valley Solar says. Bessemer Venture Partners (BVP) is the lead investor in this round of funding.
‘BVP is an outstanding partner to provide the necessary capital for the next major step in SV Solar's development as a company,’ says Pat Callinan, SV Solar's chief executive officer. ‘Now with the acquisition of NuEdison, and the addition of Joe Lichy to the SV Solar team, we've significantly enhanced our capability to provide compelling solutions to the market that achieve new levels of price performance.’