nanosolar raises $70m to survive tough times
San Jose, founded in 2002, uses copper to make solar panelsindium-gallium-selenide (CIGS)solar cells.
This is one of the crops that most startups are trying to make solar panels using silicon alternatives in order to reduce manufacturing costs.
Nano Solar is also known for promising that its founder and CEO would not be able to deliver until more than two years ago.
It announced the new CEO again in January.
The company hopes to increase production and shipment as many solar panel manufacturers close their factories, as the price of solar panels has fallen over the past year.
The $70 million round included $20 million announced by the company in February, a mix of equity and other financing that the company declined to elaborate on.
Investors in the Nanosolar Davidow venture include Moore and Ona holding OnPoint technology.
By the way, OnPoint was created by the United States. S.
S. Defense Department will invest in technology that will benefit the United States. S. Army.
Nano solar recently completed 1-
Megawatt installations in California are part of the defense ministry\'s technical testing program.
Nanosolar makes CIGS solar cells by printing CIGS solar cells on a roll of aluminum foil, which the company says is cheaper and more efficient than its competitors, although the cost of manufacturing and the price of solar panels were not disclosed.
The company has a rich and colorful history.
The company claimed to have started commercial production at the end of 2007, but then CEO Martin roxison was never very optimistic about the company\'s progress in increasing production and sales and queuing up for customers.
After a while, the company began to arouse suspicion and ridicule from analysts and competitors.
On September 2009, Nano Solar announced the start of large-scale production of solar panels.
That means the company is finally ready to produce a lot of solar panels, but that doesn\'t mean the company is able to sell a lot of them.
In fact, Nano solar later said its cumulative shipments started from zero to 10 MW in the medium term
2010 until January, it appointed Eugenia colales as the new CEO.
Corrales joined the company in 2010 as head of engineering and operations.
In contrast, other CIGS solar manufacturers such as MiaSole, Avancis, Global Solar and solar fron are far more shipped than Nano Solar.
Solar Frontier, a Japanese company that is part of oil company shopliell, built a 900-
Megawatt\'s factory and start shipment from there in early 2011.
A company spokesman said nano-Solar is now capable of producing 115 MW of solar panels per year.
It has also raised at least $0. 45 billion since its inception.
Obviously, investors in nano-solar believe the company can still do big or sell well enough.
In the past year, the solar manufacturing business has been in a bad state because of the global supply of solar panels, resulting in the price of solar panels dropped by about 50% in 2011.
Many companies have closed factories or filed for bankruptcy.