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

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.