The Venture Codex

Participated · Series D · Jan 2015

Siva Power develops advanced manufacturing technology to produce high-efficiency, low-cost thin-film solar modules aimed at large-scale deployment. The company operates a development facility in Santa Clara, CA, and is led by CEO Bruce Sohn. It positions itself to build a solar factory for the “terawatt era” and says customer interest is strong. Siva Power intends to use the new capital to build out its pilot line and to develop its solar module business. The article does not disclose revenue or operating metrics. The announcement frames the company as focused on lowering production cost and scaling manufacturing capacity. Siva Power is a San Jose, California-based solar energy company led by CEO Brad Mattson that develops advanced solar module and manufacturing technology and manufactures low-cost solar panels. The company raised $10M in a Series D financing to advance its production capabilities. The funds will be used to start building a high-capacity co-evaporation source to construct the rest of its full-scale production line for a planned 300MW factory. Siva is considering various locations for the 300MW factory, including California and other global sites, and is evaluating criteria such as ease-of-manufacturing and favorability towards solar energy. Financially, the round included $4M in funding from DBL Investors, Medley Partners and Acero Capital, conversion of $3M in previously received debt financing, and $3M received from the U.S. Department of Energy SunShot Initiative. Siva Power is a San Jose, California–based developer of thin-film photovoltaic solar panels using copper indium gallium selenide (CIGS). Led by CEO Brad Mattson, the company focuses on scaling manufacturing of its thin-film technology. In June 2014 Siva Power received a $15M investment from Trident Capital, DBL Investors, Acero Capital and the city of Wuxi. The company intends to use the funds to scale manufacturing of its thin-film solar technology and to build a small mini-module pilot line. It also hired solar industry veteran Leroy Luo as president of Siva Power China to lead operations in that market.

Participated · Series C · Jun 2010

Solexant is a San Jose, CA–based developer of ultrathin-film photovoltaic technologies built on a printable nanocrystal platform developed at Lawrence Berkeley National Lab (LBNL). Its platform is designed to increase solar-cell efficiency and reduce manufacturing costs. The company’s first products will be based on printed Cadmium telluride (CdTe) nanocrystals. Solexant has completed a 2MW pilot line operating at its headquarters. It plans to commercialize solar cells based on other printed nanocrystal materials over the next years. The company recently raised $41.5M as part of a Series C financing, and two investor representatives will join its board.