Thin-film solar maker Ascentool looks to raise $20M

Reacting to the growing popularity of thin-film solar equipment, Milpitas, Calif.-based Ascentool has set out to raise a new round of funding targeted at $20 million, reports Dow Jones VentureWire. The company will use the money to expand its toehold in Shanghai, where it hopes to start manufacturing equipment that will be used to make thin-film solar modules.

So far, the company is fairly stealthy. It previously raised under $5 million from its founders and several angel investors. It has also received nearly $10 million in subsidies from the local government in Shanghai in exchange for equity, VentureWire reports.

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