Miasole, the Silicon Valley company developing a new, flexible type of solar cell, has raised a significant $50 million in a fourth round of financing.
The funding deal, which comes after Miasole struggled to meet quality deadlines for its technology, was widely rumored to have been underway during the summer. News that it was in fact completed in July was first reported this morning by VentureWire (subscription required).
The Santa Clara, Calif. company says it has started shipping its cells to its first two customers, both in China, the solar power-hungry nation where regulations aren’t as tough to meet as they here in the U.S. The company assembles its solar modules in Shanghai.
The company has now raised $100 million.
Of about 10 investors participating in the new round, about six were new, former chief executive David Pearce said. One was a private equity or hedge fund, added Pearce, who stepped down recently after the company’s setbacks, and is now chairman. That means that several of the company’s original investors did not return to invest, which can sometimes be considered a warning sign. Previous investors include Kleiner Perkins Caufield & Byers, VantagePoint Venture Partners, Firelake Strategic Technology Fund, Garage Technology Ventures and Nippon Kouatsu Electric.
The company has also recently received some debt, Pearce said. Finally, earlier this week, the company received a $20 million grant from Solar America Initiative.