A major thin-film solar panel manufacturer, Stion Corp., recently announced that it had raised around $25 million to be used to increase the startup’s production level.
The financing was led by Khosla Ventures and included nearly all of the company’s existing investors.
“We may end up at the end of this round having all of them participate,” Frank Yang, Stion’s senior director of business development said.
Some of the other major investors are: Taiwan Semiconductor Manufacturing Co., LightSpeed Venture Partners, Braemar Energy Ventures, and General Catalyst Partners.
The new funds will be used to increase the company’s production capacity up to around 140 megawatts a year, from its current ability of about 100 megawatts a year.
The company was quoted last year as saying “that a six-year expansion project at the site may require as much as $500 million.”
One of their major investors, Avaco Co., led the $130 million investment that Stion received last year. The South Korean company is a major provider of semiconductor manufacturing equipment. They are currently helping Stion Corp improve their technology and enter the European and Asian markets.
Source: Bloomberg
Image Credits: Stion Corp
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