Thin-film solar startup raises $130 million
Stion (San Jose, California), which was founded in 2006 and has now raised in excess of $244 million, is continuing with the planned expansion of its manufacturing facility in Hattiesburg, Mississippi. With the latest round of funding it plans to establish a subsidiary in South Korea to build thin-film solar module factory. Stion said it will make an initial investment of $35 million in Stion Korea.
The transaction includes a strategic partnership with AVACO, a provider of thin-film processing equipment. The two parties will collaborate to develop next generation thin-film production equipment, focusing on lowering costs, improving tool productivity and increasing module efficiency.
Stion is producing thin-film solar modules with a 65-cm by 165-cm form factor and made using an IC design principle. Stion recently announced it had produced a monolithic thin-film circuit at production scale with a 14.1 percent conversion efficiency verified by the National Renewable Energy Lab.
"This investment and partnership represents an exceptional opportunity for Stion," said Chet Farris, Stion’s President & CEO. "Solar has always been a global business and this investment enables Stion to address market demand in Asia and beyond. We have added world-class investors as well as a strategic partner with deep technical expertise."
For further information: www.stion.com.
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