US-based thin film solar printing company Nanosolar, backed by a wide range of corporate and financial investors, has increased its latest round by $50m and raised more than $500m since 2002.
In February, US-army private equity fund OnPoint Technologies (managed by venture capital firm Arsenal Venture Partners) invested in Nanosolar’s then-$20m round, which has now been increased to $70m.
Investors in this latest round include OnPoint Technologies, Mohr Davidow Ventures, Ohana Holdings, and family offices.
Nanosolar has in the past been backed by multiple corporations, including EDF, Beck Energy and AES, as well venture capital firms, Grazia Equity and Mohr Davidow Ventures, private equity peers Energy Capital Partners and Riverstone, family office Aeris Capital, hedge funds SAC Capital and GLG Partners and venture philanthropy firm Omidyar Fund and Skoll Foundation.
Nanosolar says the funds will be used to expand production. John Trbovich, partner of Arsenal Venture Partners, the manager of OnPoint Technologies, said: "We strongly believe in Nanosolar’s technology and the company’s ability to deliver the most cost-efficient solar electricity for utility scale and defense installations."
Earlier this year the company promoted Eugenia Corrales to chief executive from head of engineering and operations as its solar shipments went from zero to 10 MW during the previous 18 months.