Thursday, November 10, 2005

Advent Solar raises $30M Series C

In a long-awaited announcement, Advent Solar today put out the news that they have raised a $30M Series C round. Battery Ventures led the round with fellow new investor Firelake Capital, and existing investors EnerTech Capital Partners, CMGI's @Ventures, the New Mexico Co-Investment Partners, and Angels with Attitudes also participated.

The capital is going to be used to build a 25MW manufacturing plant for the company's emitter wrap-around solar modules. Want to see a close-up picture of one? Steve Jurvetson has posted a picture on his Flickr account. He has posted a lot of other interesting pictures as well... DFJ, of course, has invested in Konarka, another high-profile solar startup.

The Advent raise follows on the heels of the other major solar fundings this year, and is in advance of the announced IPO of SunPower. Certainly, solar is getting the most attention right now among the many cleantech investment areas.

3 Comments:

Anonymous Nick Allen said...

SunPower raised their price target today from $12-$14 to $16-$18. Quite a jump considering they're not profitable yet. Surely there is a ton of growth potential here, but risks seem a little heavy as well. Any thoughts?

8:59 PM  
Blogger Rob Day said...

Thanks, Nick -

I can't comment on SunPower's pricing in particular. But it sure would be nice to be a silicon provider these days...

rd

5:50 PM  
Anonymous Anonymous said...

How much money are people dumping into Advent Solar so it can just be another solar company competting with all the others and pricing their product at the same price as SunPower and all the others? why invest in Advent Solar, a company who is not even off of the ground yet, rather than investing in SunPower, a already thriving company?

3:31 PM  

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