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US solar company MiaSolé adds $55m of venture capital

7 Mar 2012

US solar company MiaSolé has secured $55m in venture funding to push forward its next wave of growth.

The company manufactures copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels. MiaSolé claims it is the first of its kind to exploit the potential in CIGS thin-film solar technology, increasing panel efficiency by 30 per cent in recent months.

The investors were not named, but the company has previously received capital from venture investors including VantagePoint Capital Partners, Bessemer Venture Partners, KPCB, Intel, Passport Capital and Firelake Capital.

John Carrington, CEO of MiaSolé said, “This funding comes at a time when the company has begun production of 14 per cent modules with the industry’s lowest capex per watt, which is now under 50 cents. We are pleased that investors have demonstrated a powerful endorsement of our strategy and growing success in the market.

“This additional investment will allow us to take the company to the next level and we are focused on aggressively building the commercial side of our business with both our traditional glass-on-glass and flexible products. We have demonstrated technology leadership and are now focused on commercial performance: our investors have responded to that. ”

Stephan Dolezalek, managing director at VantagePoint Capital Partners and a member of the MiaSolé board, added, “MiaSolé is entering into an important time in its history.

“It has the right strategy, the right technology and the right team to deliver a new benchmark in solar for cost, performance and capital efficiency with the enormous benefit of being able to compete in both the traditional glass and flexible panel markets.”

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