Monday, February 04, 2008

Odersun Raises $90 Million

Odersun AG, a leading developer and manufacturer of flexible thin-film CIS solar cells, modules and applications for power plants and building integrated solutions (BiPV), announced today that it has secured EUR 61 million ($90 million) of funding, including EUR 40 million from a Series B financing round and an additional EUR 21 million in grants from the federal state of Brandenburg, to build its second factory SunTwo.

The financing was led by Virgin Green Fund (US/UK) with participation from PCG Clean Energy & Technology Fund (US) and AGF Private Equity (a member of Allianz Group, France), in addition to existing investors Doughty Hanson Technology Ventures (UK) and Advanced Technology & Materials (China).

Odersun will use the funds to build its new factory. The solar company is focused on the mass production of standard solar modules based on proprietary roll-to-roll manufacturing process at competitive prices. Its products are uniquely positioned to address the overall cost structure of solar power plants and the requirements of the fast-growing market for building integrated photovoltaic (BiPV).

"Our modules can be produced in any form, any size or any power, flexible or rigid, based on the individual design and the packaging requirements of our customers for power plants and building integration", explains Odersun CEO, Ramin Lavae Mokhtari.

No comments: