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Posts Tagged ‘Suniva’

Suniva lights up with $94.4M of $115M raise for advanced solar cells

Thursday, April 14th, 2011

SunivaATLANTA – Suniva, which makes more efficient solar cells, has raised $94.4 million of an equity raise targeted at $115 million, according to a regulatory filing. The company, one of only two in the Southeast on the Wall Street Journal’s recent “Next Big Thing” list, previously raised more than $130 million from investors including New Enterprise Associates, Warburg Pincus, H.I.G. Ventures, and Advanced Equities.

The company has an operating facility in Georigia and plans a second  $200 million facility in Saginaw, Michigan.

The company is behind schedule on the Michigan project as it waits on a US Department of Energy loan guarantee. (See: Suniva negotiating for $141 million DOE loan.

Suniva was a presenting company at TechMedia’s 2008 Southeast Venture Conference. TechMedia’s next event, the Digital Summit, is scheduled for May 16-17 in Atlanta.

Suniva’s technology is based on the work of Ajeet Rohatgi of the Georgia Institute of Technology’s University Center of Excellence in Photovoltaics, who founded the company in 2006.

Suniva’s high-quality monocrystalline solar cells incorporate multiple proprietary design elements that allow them to achieve best-in-class efficiencies of 19 percent. Conventional solar cells are only about 16 percent efficient at turning solar rays into electricity.

Additionally, Suniva reduces the time and cost associated with commercializing new solar technology by developing its innovative designs in incremental stages.

The sun is shining brightly on clean tech companies, particularly in solar, this year. We have reported half a dozen clean tech financing stories in the Southeast alone, several of them with various types of advanced solar technologies. A recent report also noted that clean tech investments were on the upswing in the first quarter 2011.

The company disclosed the latest raise in a filing with the U.S. Securities and Exchange Commission.

Only two Southeast firms make Wall Street Journal’s Next Big Thing list

Thursday, March 10th, 2011

AppiaATLANTA, GA & DURHAM, NC – Only two Southeast firms landed on the Wall Street Journal’s “The Next Big Thing 2011″ list of the “The top 50 venture-funded companies. Durham, NC-based appia Inc., the mobile app store company headed by Jud Bowman, is number 15 on the list. Georga-based Suniva, which makes solar cells with improved peformance over conventional types, is number 38.

Thirty-five of the companies are based in California. At TechMedia’s recent Southeast Venture Conference in Atlanta March 2-3, Mark Heesen, president of the National Venture Capital Association, said during a panel discussion that California may become even more dominant than it is already in the venture ecosystem.

Introducing the list, the WSJ wrote, “Venture capitalists are betting that the next Google Inc. or Facebook Inc. will have a name like Xactly, Chegg or Zoosk. In what may be a sign of a re-inflating Web bubble, The Wall Street Journal’s second annual ranking of 50 venture-capital-backed companies shows investors are chasing after Internet firms, many with a consumer focus.”

It notes that even firms without particular tech focus, healthcare and business services companies, for instance, are incorporating social networking or mobile technology into their businesses. Mobile communications, health care and business software firms make up the bulk of the list.

To qualify for the list, which was compiled by VentureSource, a unit of WSJ’s parent company, News Corp., a company had to have nabbed venture funding in the last three years and have a valuation of less than $1 billion. Those criteria place a focus on less well known companies and eliminate firms such as Facebook, Groupon and Twitter.

While we have no argument with including appia and Suniva on the list, we can think of a number of Southeast firms we would include instead of some the WSJ chose. What do you think?

–Allan Maurer

See: Durham’s PocketGear reboots as Appia

Suniva to invest $15M, may raise $75M

 

TechJournal South is a TechMedia company. TechMedia presents the annual conferences:

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Internet Summit: www.internetsummit.com

Digital East: www.digitaleast.com

Digital Summit: www.digitalsummit.com

Suniva to invest $15M in Georgia facility, may raise $75M

Friday, February 11th, 2011

SunivaATLANTA – Suniva, a company that makes and markets solar cells that are more efficient than conventional ones, plans to invest as much as $15 million in its Norcross, GA, facility, and may raise $75 million over the next few months, according to the Atlanta Business Chronicle.

The Chronicle reports that the company will raise the new funds as it readies a second production $200 million facility planned for Saginaw, Michigan.

The company is behind schedule on the Michigan project as it waits on a US Department of Energy loan guarantee. (See: Suniva negotiating for $141 million DOE loan.

The company has raised more than $160 million in venture backing.

Suniva was a presenting company at TechMedia’s 2008 Southeast Venture Conference. The next SEVC is slated for March 2-3 at the Buckhead Ritz Carlton in Atlanta. It was also one of TechJournal South’s Tech 50 companies in 2008.

Suniva’s technology is based on the work of Ajeet Rohatgi of the Georgia Institute of Technology’s University Center of Excellence in Photovoltaics, who founded the company in 2006.

Suniva’s high-quality monocrystalline solar cells incorporate multiple proprietary design elements that allow them to achieve best-in-class efficiencies of 19 percent. Conventional solar cells are only about 16 percent efficient at turning solar rays into electricity.

Additionally, Suniva reduces the time and cost associated with commercializing new solar technology by developing its innovative designs in incremental stages.

TechJournal South is a TechMedia company. TechMedia presents the annual conferences:
Internet Summit | www.internetsummit.com
Digital East | www.digitaleast.com
Southeast Venture Conference | www.seventure.org

Suniva called “An American Success Story” by DOE Secretary

Wednesday, May 12th, 2010

SunivaNORCROSS, GA – Department of Energy Secretary Steven Chu has called Georgia-based Suniva, which makes advanced solar cells, “An American Success Story,” on the White House blog.

The entry followed Chu’s visit to the Georgia Institute of Technology, where Suniva’s technology was developed.

Suniva evolved from the Georgia Tech University Center of Excellence in Photovoltaics (UCEP) and the research of its founding director, Dr. Ajeet Rohatgi, Suniva’s founder and CTO.

Chu wrote in his blog post that “This center and this company are powerful examples of how clean energy technology can drive job creation in the U.S. and increase our competitiveness.”

Suniva has exemplified the economic growth ideals put forth by the Obama administration by exporting production while creating U.S. jobs. Last year, Suniva exported more than 90 percent of its product to Asia and Europe.

“The U.S. needs to jump back into the clean energy race and play to win. That is the work we have started with investments like the Recovery Act and companies like Suniva,” continued Secretary Chu in his blog post. “Suniva has created more than 150 clean energy jobs manufacturing high-efficiency silicon solar cells and modules, using technology developed at UCEP.

Suniva, which makes silicon solar cells and modules of higher efficiency than others, ranked #2 in The Wall Street Journal’s Top 10 Venture-Backed Clean Technology Companies in 2010.

The company has also been one of TechJournal South’s Tech 50, and was a presenting company at the first Southeast Venture Conference in 2007.

For the full post on Suniva see: Success Story

Previously on Techjournal South:

Suniva has sunny outlook on solar cells

Suniva beams in $75M round

Suniva negotiating for $141M DOE loan

Suniva negotiating for $141M DOE loan

Thursday, April 1st, 2010

Suniva logoNORCROSS, GA – Suniva Inc., a U.S. manufacturer of high-efficiency monocrystalline silicon solar cells and modules,  has been selected for the U.S. Department of Energy Loan Guarantee Program under the DOE’s Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies Solicitation.

Upon the completion of the DOE’s due diligence and subject to the successful negotiation of the terms of a loan for approximately $141 million, Suniva plans to start the construction of a new manufacturing plant in Saginaw County, Michigan.

Building such a manufacturing plant could create approximately 500 direct jobs at Suniva, while creating an additional 2,000 indirect jobs for the Michigan economy according to the Michigan Economic Development Corporation.

Suniva currently employs a diverse workforce—approximately a quarter of its employees are military veterans and many others were hired from shuttered automotive plants.

“The DOE’s acceptance of Suniva into the Loan Guarantee Program is very timely and supports the shared vision of President Obama and Suniva in significantly increasing the level of exports over the next five years,” said John Baumstark, chairman and chief executive officer of Suniva.

“The loan guarantee is essential to our efforts in building a second manufacturing plant in Michigan as quickly as possible, creating new cleantech jobs for Americans and supporting the economy by substantially increasing the number of solar cells and modules available for export.”

The loan guarantee will enable Suniva to more than triple exports over the next five years. Last year, Suniva exported more than 90 percent of its products to Asia and Europe.

“Suniva exemplifies the innovative force behind the development of America’s leading-edge green technology, and it exports to the global marketplace,” said Fred P. Hochberg, Ex-IM Bank’s chair and president.

“Suniva exports products, not jobs. America will lead in exports when its businesses deliver value and innovation, which will also drive job growth.”

Suniva presented at the Tech Media Southeast Venture Conference in 2007.

www.suniva.com.


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