Solexel produces high-performance, lightweight solar PV panels designed to deliver low-cost energy. The company is led by President & Chief Executive Officer Michael Wingert. It raised an equity investment from Riyadh Valley Company, the venture capital arm of King Saud University of Saudi Arabia, which will be used to help transition the company into revenue. The amount of the investment was not disclosed. Solexel is backed by venture investors including Kleiner Perkins Caufield & Byers, DAG Ventures, Technology Partners, Northgate Capital and GSV Capital Corp., and by GAF, the largest roofing materials manufacturer in North America. The company is based in Milpitas, California. Solexel manufactures high-performance, low-cost, lightweight thin-crystalline-silicon solar modules optimized for photovoltaic electricity generation. Its production-format thin-crystalline-silicon cell holds a world-record for efficiency. Solexel’s modules include integrated smart electronics that mitigate the effects of shading, soiling, and snow to enhance real-world performance. The modules’ low material usage and light weight reduce balance-of-system costs and enable installation on weight-constrained residential and commercial rooftops. The company is venture-backed and operates a production facility in Milpitas, California, which it planned to complete using recent financing. Solexel’s products are positioned to make solar-generated electricity more cost-competitive with conventional fossil-fuel electricity sources. Solexel is a Milpitas, Calif.-based manufacturer of lightweight, thin-crystalline-silicon solar modules. Its modules include integrated smart electronics designed to enhance performance by reducing the negative impact of shading, soiling and snow cover. The company is certified by the National Renewable Energy Laboratory (NREL). Solexel recently closed a $31M financing. The company intends to use the funds to begin commercial production of its solar modules. Backers in the financing included a mix of venture and strategic investors.

Total raised

$56M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jan 2015