Another day, another thin-film solar startup getting serious cash: Here it's New York-based FTL Solar, which just capped a first round of funding and is en route to raising $50 million by the end of the fourth quarter. The first round, which yielded an undisclosed amount, was led by Terra Firma Capital Group, the Josh Mailman Foundation and private investors.
In addition to private investments, the firm has also received a $200,000 matching grant from the state Energy Research Development Authority. The proceeds from this and future rounds will go towards expanding FTL Solar's R&D, facilities and corporate initiatives. The company develops lightweight, transportable structures, which it dubs "photovoltaic (PV) pavillons," that are embedded with solar cells for military and commercial use.
FTL Solar claims its energy generating units are easy-to-use, scalable and durable, lasting over 10 years with little to no maintenance required. They can be adapted for use in powering anything from homes and villages to cell phones and laptops.
Its products have already been employed by a variety of government and academic customers, including the Army and the Smithsonian Institution, and have generated over $2 billion in sales.
[Source: PEHub]