Solexant Gets $41.5M in Series C Funding Round
Source/Type: News - Staff reports

Author: CompoundSemi News Staff

June 7, 2010... Solexant Corp. of San Jose, California USA, a developer of cadmium telluride thin-film photovoltaic technology reports that it has received $41.5 million at the first close of a Series C financing round. The round follows the company's successful completion of a 2MW pilot production line operating at the company's headquarters. The funding round was led by Olympus Capital Partners and includes two other new investors, DBL Investors and Birchmere Ventures, with strong support from existing investors Trident Capital, Firelake Capital, Medley Partners and X/Seed.

The company utilizes a roll-to-role manufacturing technology that may eventually be optimized to produce the company's ultra-thin-film solar cells at a rate as low as $.50 per watt, according to some estimates. This would be nearly half of the cost per what of it nearest competitor, First Solar.

Rami Elkhatib, general partner of Olympus Capital Partners and new Solexant board member commented, "With its unique thin film technology and cost-efficient production process, we're confident Solexant will be a leader in the solar industry."

The company's nanocrystal technology was first developed at Lawrence Berkeley National Lab (LBNL) by Dr. Paul Alivisatos and his team. The printable nanocrystal technology platform can produce flexible thin films using a variety of materials through a fast and simple deposition process. Solexant's first commercial products will be based on printed CdTe nanocrystals. The company also plans to commercialize solar cells based on other higher efficiency printed nanocrystal materials over the next few years.

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