Solaria Raises $23 Million for PV Modules Optimized for Residential Deployment
Solaria Corporation has raised $23 million in growth funding from a syndicate of leading strategic and financial investors including Presidio Partners, Kline Hill Partners and Structural Capital. This infusion of capital will enable Solaria to expand its manufacturing capacity globally and in the United States; an expansion to the company's production facility is in the works.
"Solaria has designed and perfected extremely high-efficiency PowerXT modules," said Solaria CEO Suvi Sharma, "and we're well-positioned to exponentially ramp up production. This new infusion of capital puts us on track to deliver our modules to solar installers, distributors and property owners around the nation, and eventually, around the world."
Solaria's PowerXT® modules are optimized for residential deployment. "Solaria's extremely high efficiency solar modules are not only exceedingly powerful, they're very aesthetic, too," noted Todd Jaquez-Fissori, Managing Partner at Structural Capital.
"We've examined and evaluated a wide range of emerging solar innovations, and found Solaria's approach to be outstanding. Their products are robust and attractive; the company places a high emphasis on quality, profitability and performance. Customers and partners are very receptive to the advancements in Solaria's technology - and the company's commitment to fostering wider solar deployment on residential rooftops,” continued Jaquez-Fissori.
Solaria's flagship product, the PowerXT module -60 cell equivalent, with a black back sheet- are built on the company's proprietary technology, which utilizes advanced cell interconnect and module production processes. Through these patented technology / techniques, Solaria has created a new standard in PV module efficiency and reduction in system costs.
Providing labor savings on racking and system components, PowerXT modules significantly boost power generation while eliminating reliability challenges that can reduce conventional PV modules' long-term performance. This ensures that solar installers maximize power deployment on customer roofs - enabling them to install attractive, cost-effective distributed power plants that accelerate payback period and profitability.