Global solar photovoltaic (PV) module manufacturer Solaria has closed $45m in a financing round led by CMEA Capital and DBL Investors to finance its aggressive growth plans.
Other participants in the round include current investors Sigma Partners and NGEN Partners, accompanied by new investors Mitsui Ventures and Savitr Capital.
Solaria, whose modules are designed specifically for ground-mounted tracking systems, said it will use the financing to meet the rapidly increasing global demand for cost effective solar modules for large- and utility-scale projects.
“Utilities, solar integrators and project developers tell us that they want a cost effective solar module that delivers proven crystalline efficiency and reliability,” said Solaria CEO Daniel Shugar. “That is exactly what we’ve spent years developing. After a great deal of testing and field validation, we’re now offering the Solaria module to leading customers in the US, Europe and Asia.”
Shugar said he believes reaching this milestone will prove to be the most significant in the solar industry so far.
“Solaria’s module lines up perfectly with the requirements of renewable energy providers that are looking to install more solar power. We’re investing in Solaria because they’ve already begun to establish solid traction in the solar market and are partnering with key players in the industry,” said Rachel Sheinbein, partner at CMEA Capital.
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