Solyndra closes 2008 with $220M financing round

Fremont, Calif.-based Solyndra has reportedly raised $219.2 million from 23 investors, making it one of the largest venture capital financings to occur in 2008.

PE Week Wire reported the Series E financing round, which included previous investors Argonaut Ventures, U.S. Venture Partners, CMEA Ventures and Redpoint Ventures.

The deal falls short of San Jose, Calif.-based thin-film competitor Nanosolar's $300 million round in August (see Nanosolar grabs $300 million for utility solar). In December, Nanosolar CEO Martin Röscheisen wrote a blog criticizing the thin-film cyclinder design used by Solyndra, but he didn't name the company in his critique.

See the blog here »

Solyndra CEO Chris Gronet has said Solyndra previously raised $600 million in equity from its investors, which also include Virgin Green Fund, CMEA Capital, Madrone Capital Partners and RockPort Capital Partners. It was reported in 2007 that Solyndra raised $79 million (see Swiss cleantech and ocean power).

Last year, Solyndra came out of stealth mode to reveal its entry into the solar race—long cylinders coated in thin-film material inside glass tubes, which line up inside aluminum frames (see Solyndra reveals thin-film solar tubes).

See Solyndra's technology here >>

Solyndra says the tubes allow the CIGS material to capture optimal sunlight for a longer period than traditional flat panels. Solyndra’s 180-watt-peak panels—each made up of 40 cylinders in a one-meter by two-meter aluminum frame—have an efficiency of 12 percent to 14 percent, the company says.

Solyndra and Nanosolar aren't the only thin-film makers pulling in big venture backing. In the third quarter of 2008, thin-film solar makers pulled in $620 million, with the majority going to CIGS technology (see Cleantech investment breaks all-time record).

In November, Solyndra announced a $320 million deal to provide its thin-film solar tubes to a division of commercial roofing manufacturer Carlisle Construction Materials, bringing its announced deals to-date to $1.52 billion (see Solyndra inks $320M deal with roofing maker Carlisle).

PE Wire reported that the Series E funding included $96.6 million in working capital and $122.2 million for the conversion of convertible promissory notes into Series E preferred stock.

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