US-based solar module manufacturer HelioVolt secured $50m in funding from the South Korea-based multi-industry conglomerate SK on Tuesday. The investment was made jointly through the SK subsidiaries SK Innovation and SK Technology Innovation Company (TIC).
HelioVolt raised $40m in debt funding between February 2009 and January 2011, following a series B round which closed at $101m in October 2007.
Investors in the round included Masdar Clean Tech Fund, a corporate venturing fund formed by renewable energy company Masdar and Deutsche Bank, and solar power company Solúcar Energía (now known as Abengoa Solar), and Morgan Stanley Principal Investments, the financial services firm’s investment division.
Also participating in the series B round were venture capital firms Noventi Ventures, New Enterprise Associates, Sequel Venture Partners, Sunton United Energy and Yellowstone Capital, private equity fund Paladin Capital Group, and investment firm Passport Capital.
SH Park, chief executive officer of SK TIC, said: "We believe in the value of long-term [investment] in alternative energy and are happy to be able to leverage SK leadership across our many complementary industries in order to create an outstanding global partnership with the HelioVolt team."
The capital will be used to expand HelioVolt’s manufacturing operations, while the two firms will also collaborate on developing HelioVolt’s thin-film solar module technology globally.