ATLANTA—Suniva, which makes high efficiency solar cells at low manufacturing cost, has raised a $75 million C round led by Warburg Pincus to expand manufacturing capacity at its Norcross, Georgia facility. APEX Venture Partners and returning investors New Enterprise Associates, HIG Ventures and Advanced Equities also participated.

Suniva raised $55.5 million in two rounds in 2008. The company participated in TechJournal South’s second Southeast Venture Conference (www.seventure.org).

The company started production at its Georgia facility late last year. It sells its advanced solar cells to Norway’s Renewable Energy Corp., Germany Solon SE, and India’s Titan Energy already.

The company plans to increase capacity at its Norcross plant from 64 megawatts to 100MW a year.

The company also says it will expand its Asian and European teams, CEO John Baumstark told Reuters.

“Most solar is undifferentiated,” said Chansoo Joung, a managing director at Warburg Pincus, “That’s not the case with Suniva. Their cell design and roadmap for commercialization is extremely compelling and represents a unique value proposition for customers.

“Warburg Pincus seeks out businesses that have an important role to play both in the near and long term. As the solar industry grows, Suniva is well positioned, delivering the leading combination of high efficiency and low-cost manufacturing.”

Warburg Pincus managing directors Chansoo Joung and Dr. Henry Kressel will join Suniva’s board.

Suniva’s high-quality monocrystalline solar cells incorporate multiple proprietary design elements that allow them to achieve best-in-class efficiencies of 18 percent.

Additionally, Suniva reduces the time and cost associated with commercializing new solar technology by developing its innovative designs in incremental stages.

Reports in Atlanta media suggested the company is gearing up to go public when market conditions improve, which Baumstark confirmed to reporters today, although adding it has not established a timeline for doing so.

Baumstark predicted that 2010 will be a big year for the U.S. solar market, bolstered by government stimulus money and improved fund-raising conditions.

Suniva’s technology is based on the work of Ajeet Rohatgi of the Georgia Institute of Technology’s University Center of Excellence in Photovoltaics, who founded the company in 2006.

Previously on TechJournal South:
“Suniva sees sunny outlook for advanced solar cells”

http://techjournalsouth.com/news/article.html?item_id=5511

Online: www.suniva.com

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