Advent Solar Secures $30 Million in Series C Funding
Advent Solar Inc. (Albuquerque, NM), a manufacturer of solar cells and modules, reported that it has secured $30 million in Series C funding. The round was led by Battery Ventures. EnerTech Capital Partners, @Ventures, New Mexico Co-Investment Partners, Angels with Attitude, and Firelake Capital also participated. Advent Solar will use the financing to build and operate a 25 MW plant for the production of its photovoltaic (PV) solar cells and modules.
Advent's new production facility will be located in Mesa del Sol, a new 12,000 acre development and solar cluster in Albuquerque. Advent will ship its first products to customers later this year from its pilot line, and expects to be in full production at its new facility in 2007. The company applies an emitter wrap-through design to its back-contact solar cells, claiming to deliver higher efficiency, lighter weight, and lower per-watt cost than traditional solar cells. The patented design was originally developed at Sandia National Laboratories.
"Advent is bringing to market a full line of advanced PV cells and modules that have the potential to be much lower-cost than conventional technology," said Advent Chief Executive Officer Rusty Schmit. "Unlike thin films and organic PV technologies, Advent's technology uses industry-standard materials and processes that can more than satisfy our customers' requirements in a market where demand exceeds supply, while significantly lowering implementation risk."