Stion, a Menlo Park, Calif.-headquartered developer of thin-film solar modules, has raised a $15 million Series B financing led by Lightspeed Venture Partners. According to Stion, General Catalyst Partners also participated in the effort, as did all three existing investors: Khosla Ventures, Braemar Energy Ventures and Moser Baer Photovoltaic. Peter Nieh, a partner at Lightspeed, will join Stion's board of directors.
The company plans to use the Series B funds to accelerate its product development efforts. ‘We are very pleased with the addition of Lightspeed and General Catalyst to our investor base,’ says Chet Farris, president and chief executive officer of Stion. ‘Our technology is primed for the next phase of development, and the proceeds from this round will take us to early commercialization phase.’