Stion, a US-based solar power company, has raised $130m in its series E round co-led by Avaco, a Korea-based solar power equipment provider with offices across India and in the Middle East.
Undisclosed South Korean private equity funds were the other co-leads in Stion’s latest round, which included repeat backers included chip maker Taiwan Semiconductor Manufacturing Company (TSMC), through its VentureTech Alliance corporate venturing unit.
In June last year, TSMC, the world’s largest chip contract maker by revenue, bought a fifth of Stion.
VentureTech Alliance agreed to invest $50m for a 21% stake in Stion. The total raised in Stion’s series D round was $70m, with its venture capital firms, Khosla Ventures, Lightspeed Venture Partners, General Catalyst Partners and Braemar Energy Ventures, returning.
In return for a 20% stake, Stion raised $15m in its series B round in mid-2007 from Moser Baer Photo Voltaic, the corporate venturing division of technology company Moser Baer India. Venture capital firms Lightspeed Venture Partners, General Catalyst Partners, Khosla Ventures and Braemar Energy Ventures also participated in the B round. News provider PEHub.com said Stion, which was formerly known as Nstructures, previously raised $44.6m.