Siva Power of Santa Clara, California USA, a fabricator of CIGS thin-film solar technology, reported the closing of a $25 million funding round. The company says it intends to use the funding to build out its pilot production line and develop the company’s CIGS solar module business.
The $25 million investment round adds to the $15 million in financing from Acero, Symmetry Group, DBL Partners, and Red House Capital that Siva closed in 2015. Also, when the company was previously called Solexant, it raised $60 million from Birchmere Ventures, DBL Investors, Firelake Capital, Olympus Capital Partners, and Trident Capital.
Siva Power uses co-evaporation to fabricate copper indium gallium diselenide on glass. According to Brad Mattson chairman of Siva Power’s board of directors, co-evaporation produces the most efficient solar cells with the fastest fabrication method.
Siva Power says it continues to make steady progress developing its high performance, low-cost module technology. Furthermore, the company contends that customer interest is strong.
“We are very pleased by the confidence that our investors have placed in our technical team and business model,” said Siva Power’s CEO, Bruce Sohn.