Siva Power venture backers return alongside Chinese city for $15m investment


solar cellsA trio of venture capital investors in solar energy business Siva Power have returned to back the business with another $15m.

Trident Capital, DBL Investors and Acero Capital were joined by the Chinese city of Wuxi as a new investor in the company.

Siva said it planned to use the capital to scale-up manufacturing of its thin-film solar technology.

Solar industry expert Leroy Luo has also joined the company as president of Siva Power China in an attempt to develop operations in the region.

Company CEO Brad Mattson said, “The addition of new capital and a seasoned energy industry executive provides momentum toward building the solar industry’s ‘factory of the future’ with gigawatt production capacity at the world’s lowest cost in solar.

“Quickly emerging as a leading solar market, China is a critical piece of our success, and we are very excited to have Leroy Luo further augment our world-class team.”

Copyright © 2014 AltAssets