Solaria, a US-based solar energy technology provider that counts diversified conglomerate Hanwha and optical technology supplier Moser Baer as investors, has raised $23m in funding in a growth-stage round.
The capital was provided by venture capital firm Presidio Partners, private equity firm Kline Hill Partners and growth capital firm Structural Capital.
Solaria designs and produces solar photovoltaic modules for use in rooftop solar energy systems, in addition to solar glass technology that can be utilised to make buildings more energy efficient. The funding will be used to expand its module manufacturing capacity.
Suvi Sharma, chief executive of Solaria, said: “We are well-positioned to exponentially ramp up production. This new infusion of capital puts us on track to deliver our modules to solar in stallers, distributors and property owners around the nation, and eventually, around the world.”
Solar cell producer Q-Cells, which was acquired by Hanwha in 2012, invested in Solaria as part of a $22m series B round in 2006 that included Moser Baer, Sigma Partners and Ngen Partners, before returning to provide a further $25m the following year.
Solaria has raised a total of approximately $172m in equity financing and $19m in debt, according to press releases, media reports and regulatory filings.
The company’s investors also include energy utility EDF’s Renewable Energy subsidiary, conglomerate Mitsui’s Mitsui Ventures unit, Western Technology Investment, Adams Street Partners, CMEA Capital, Savitr Capital, DBL Investors and Cycad Group.