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08/28/2008 07:41 AM
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AVA Solar Raises $104M To Complete Colorado Facility
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AVA Solar, a thin-film photovoltaic (PV) module manufacturer located in Fort Collins, Colorado, announced today it has completed its second institutional equity round of financing. This $104 million funding was led by DCM and included new investors Technology Partners, GLG Partners and Bohemian Companies, LLC as well as prior investors, including Invus, LP.
The funds will be used to complete AVA Solar's first production facility in Longmont, Colorado, which will have the capacity to produce 200 megawatts (MW) of PV modules annually.
Tom Blaisdell, a general partner at DCM, said "In the last few years, we've seen many companies with plans to commercialize products for the solar industry. Our commitment to AVA Solar is founded both on the commercial readiness of the product and their management and engineering team's demonstrated ability to deliver."
About AVA Solar
AVA Solar, Inc. was founded in 2007 to commercialize an advanced process for manufacturing thin-film photovoltaic modules. Built upon 15 years of development at Colorado State University's Material Engineering Laboratory, AVA Solar has developed a robust, industrial-scale, continuous process for producing solar PV modules at a cost below $1/watt, significantly reducing the cost of generating solar electricity.
Website: http://www.avasolar.com
