Advent Solar, solar cell maker, to raise $70M in financing

June 19, 2007 | Matt Marshall

Advent Solar, an Albuquerque, New Mexico solar cell maker is expected to announce a $70 million fourth round of financing, according to VentureWire (sub required).

We last wrote about the company a year and a half ago, when it raised $30 million in its third round. It has now raised more than $108 million, making it one of the best financed solar start-ups around. It is one of dozens of new solar companies, as the solar market continues to expand.

ZBI Ventures, the investment arm of Ziff Brothers, led the round, which included Sun Mountain Capital and Globespan Capital Partners. Previous investors Battery Ventures, EnerTech Capital, @Venture, New Mexico Co-Investment Partners and Firelake Capital also participated, according to the report.

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Tags: deal

About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.