German solar giant Q-Cells backs Solaria with $25M
Germany’s Q-Cells, the world’s second-largest manufacturer of solar cells by volume, has invested $25 million more into Silicon Valley start-ups Solaria, which is using new materials to concentrate sun on solar cells and thereby lower their cost.
Solaria’s cells, still being tested and not on the market, will use less expensive silicon, the traditional material used in solar cells. It is one of at least a dozen venture-backed solar companies seeking ways to reduce silicon usage through concentration and use of other materials.
The investment will boost Q-Cell’s stake in Fremont, Calif.’s Solaria to 33 percent from 12.6 percent, according to a report in the WSJ. This suggests the company is valued at around $250 million (though that is not confirmed). Q-Cells is also providing the start-up with enough solar cells to generate 1.35 gigawatts over the next 10 years.
For context, that’s close to the entire amount of electricity produced by panels installed world-wide last year, or about 1.74 gigawatts, according to SolarBuzz.
Next Story: SuccessFactors files for IPO despite mounting losses
Previous Story: CFares raises $4.5M more for wholesale travel ticket offering; Lessno raises $4.1M for Europe
About the Author, Matt Marshall
Matt Marshall is editor and CEO of VentureBeat. Follow him on Twitter at @mmarshall, and follow VentureBeat on Twitter at @venturebeat.
-
David
-
thtbwehawf