Solar company Suniva gets 50 million in funding

LOS ANGELES, CALIFORNIA - U.S. solar cell maker Suniva said it received $50 million in funding from venture capital firm New Enterprise Associates, Goldman Sachs Group Inc. and others.

The funds will be used for a manufacturing facility that will open in the second half of this year, Chief Executive John Baumstark said in an interview.

The company, which is based in Atlanta, expects to begin shipping cells in the fourth quarter, Baumstark added. The new facility will be located in the Atlanta area.

Suniva's second round of funding was co-led by NEA and Advanced Equities Inc, a venture capital investment bank. Goldman Sachs unit Cogentrix Energy Inc, a power producer, also participated in the funding, as did HIG Ventures and Quercus Investments.

Suniva licenses solar cell technology from the Georgia Institute of Technology's University Center of Excellence in Photovoltaics. The company's aim is to reduce cell manufacturing costs to help bring the price of solar power closer to that of electricity from the grid.

For the time being, the company is only focused on making solar cells, Baumstark said. Cells are put together to make modules, which then make up solar panels.

"At some point we may expand beyond that, but starting out we felt like it makes sense to produce the best cells out there at the best price," Baumstark said.

Related News

Georgia Power warns customers of scams during pandemic

ATLANTA - With continued reports of attempted scams and fraud by criminals posing as Georgia Power employees during the COVID-19 pandemic, the company reminds customers to be aware and follow simple tips to avoid becoming a victim.

Customers should beware of phone calls demanding payment via phone to avoid disconnection.

Last month, Georgia Power and the Georgia Public Service Commission extended the suspension of disconnections due to the impact of the pandemic on customers. In addition, the company will never ask for a credit card or pre-paid debit card number over the phone. The company will also never send employees into the…

READ MORE
power line

Manitoba Hydro scales back rate increase next year

READ MORE

nuclear plant

Can Europe's atomic reactors bridge the gap to an emissions-free future?

READ MORE

us solar and wind power future graph

Solar PV and wind power in the US continue to grow amid favourable government plans

READ MORE

iran nuclear plant

Magnitude 5 quake strikes near Iran nuclear plant

READ MORE