Monday, October 22, 2007

HelioVolt Secures $101M in Series B Funds

Austin, Texas-based HelioVolt Corp., a manufacturer of thin-film solar energy products, announced Monday that it has concluded its second round of venture financing after raising $101 million. HelioVolt said the round was led by Sequel Venture Partners of Boulder, Colo., Noventi Ventures of Menlo Park, Calif., and Passport Capital of San Francisco. New Enterprise Associates, Solucar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital also participated, HelioVolt added. The Austin, Texas-based company noted that it will use the money to expand and market its proprietary Copper-Indium-Gallium-Selenide manufacturing process. HelioVolt's initial traunche in its Series B ended in August, which provided the firm with $77M. Heliovolt is developing thin-film solar processes, which are expected to reduce the amount of material used to create solar panels, thus reducing the cost of photovoltaic panels for solar energy. More information »