Stion, a San Jose, Calif.-based manufacturer of thin-film solar modules, has closed a $130 million equity investment led by AVACO and Korean private equity funds.
Existing investors Khosla Ventures, Taiwan Semiconductor (through VentureTech Alliance), Lightspeed Venture Partners, Braemar Energy Ventures, and General Catalyst Partners all participated in the round.
Stion says it is continuing the planned expansion of its U.S. manufacturing facility in Hattiesburg, Miss. Stion will establish a subsidiary in Korea – Stion Korea – to build a thin-film module factory to help serve the Asian and European markets. Stion will make a $35 million initial investment into Stion Korea.
The transaction includes a strategic partnership with AVACO, a leading provider of thin-film processing equipment. The two parties will collaborate to develop thin-film production equipment, focusing on lowering costs, improving tool productivity and increasing module efficiency, according to Stion.