Suniva scores $75M for silicon solar cells

Suniva, maker of crystalline silicon solar cells, has raised $75 million in a third round of funding — its third large chunk of capital in the last year and a half. The Georgia-based company says it will use the money to put the finishing touches on its newest assembly line.
Suniva has been busy these last two years. It just completed its first production line, capable of putting out 32 megawatts a year in October. It used its first round of capital — $50 million raised last February when it first emerged from stealth mode — for that project. Now, it hopes to build onto its second production line. Formerly able to put out 64 megawatts, the new funding should boost its output to 96 megawatts. With U.S. and Chinese solar subsidies running out, the company is trying to get as much out of its existing capital as possible.
Suniva’s products are known for their efficiency — about 18 percent of the sunlight its cells absorb is converted into usable energy, a high figure for the industry at large. It’s beat only by San Jose, Calif.-based SunPower, which claims its cells are 22.5 percent efficient. Regardless, Suniva has been able to land large contracts — including $1 billion in deals with German Solon and Indian Titan Energy Systems.
Significantly, Suniva’s latest funding was led by private equity house Warburg Pincus. This is the firm’s first direct investment in the solar space. Apex Venture Partners, New Enterprise Associates, HIG Ventures and Advanced Equities also participated.
Suniva has been around since 2006 after spinning out of a research lab at the Georgia Institute of Technology’s University Center of Excellence for Photovoltaic Research. In addition to making solar cells, it is developing more efficient methods for screen printing solar cells, a technology that could lower the price of cells and conserve silicon.