Photovoltaic Startup, Stion Raises $15 Million in Series B Financing

Stion Corporation (formerly NStructures), a photovoltaic startup of Menlo Park,
California USA, reported that the company has raised $15 million in Series B
financing. The financing round was led by LightSpeed Venture Partners. General
Catalyst Partners also participated in the funding round in addition to the
three existing investors, Khosla Ventures, Braemar Energy Ventures, and Moser
Baer Photovoltaic.

Like others in the photovoltaic field, Stion is hoping to increase efficiency
and minimize cost-of-ownership. The company said that it was not going to use
CIGS or Cadmium Telluride technology. It is generally suspected that the company
will utilize quantum dot technology. While this technology has shown some promise,
it has not gone outside of the laboratory in terms of how practically and inexpensively
it can be manufactured. Chet Farris, Stion’s president and CEO stated,
“Our technology is primed for the next phase of development and the
proceeds from this round will take us to early commercialization phase.”

News Release