AAA Hanergy soaks up MiaSolé

Hanergy soaks up MiaSolé

Hanergy Holding Group, China’s largest privately held energy enterprise, has acquired MiaSolé, a US-based solar film company that manufactures CIGS thin-film photovoltaic solar panels. The deal is said to be worth approximately $30m, according to documents seen by news provider San Francisco Chronicle on Friday.

 MiaSolé has raised around $500m since being founded in 2006. Investors included: Kleiner Perkins Caufield & Byers, Firelake Capital Management, Nippon Koatsu Electric Co., VantagePoint Capital Partners, Garage Technology Ventures, Atlas Venture and ArcelorMittal.

In March this year, MiaSolé raised $55m in a round led by return backer,Japan-based electricity company Nippon Kouatsu. MiaSole also raised $5.4m in 2004.

Hanergy also acquired another solar panel company earlier this year, Solibro, part of Germany-based solar group, Q-Cells.

 MiaSolé will continue to operate as a wholly owned subsidiary of Hanergy.

The sale of MiaSole follows solar energy startup, GreenVolts, backed by Switzerland-based industrial company ABB’s corporate venturing unit ABB Technology Ventures, calling a halt to its operations last month.

The company was founded in 2005, but recently secured $35m funding, including a $20m boost from ABB in December.

US-based utility company Avista backed GreenVolts from the outset with venture capital firm Oak Investment Partners being the sole investor in the company’s $30m series B round, in September 2008.

Greenvolts had previously closed $10m in series A financing, in October 2007, led by US-based energy companies Greenlight Energy Resources and Avista Co

According to Gigaom.com, ABB Technology Ventures Managing Director, Andrew Tang, said: “Our decision to not further invest in GV has nothing to do with its team or technology, in fact both of which are recognized as world class. This decision reflects the uncertainty in the PV market, and the lack of transparency on when it will stabilize.”

GreenVolts is now looking for a buyer for its assets and technology from its base in Fremont, California.

Additional reporting by Ben Bostock.

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