ATLANTA – 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.