Solexel, a ventureâ€backed solar cell and module manufacturer based in Milpitas, California, is pleased to
announce that on Friday, July 11th, the company raised $31M of equity financing. The funds will be used
to begin commercial production of its highâ€performance, lowâ€cost, lightweight, thinâ€crystallineâ€silicon
solar modules. Investors in Solexel include Kleiner Perkins Caufield & Byers, Technology Partners, DAG
Ventures, Northgate Capital, GSV Capital Corp. (NASDAQ: GSVC), Gentry Venture Partners and Jasper
Ridge Partners. Both existing and new investors participated in this fundraising round, including new
investor GAF, the largest roofing materials manufacturer in North America.
As certified by National Renewable Energy Laboratory (NREL), Solexel holds the worldâ€record efficiency
for a productionâ€format (156mm x 156mm) thinâ€crystallineâ€silicon solar cell. Solexel’s solar modules
include integrated smart electronics that enhance realâ€world performance by reducing the negative
impact of shading, soiling and snow cover. The modules are also lightweight, enabling installation on
weightâ€constrained residential and commercial rooftops, and reducing the cost of the balanceâ€ofâ€system
(such as mounting or installation labor). Solexel is in the process of moving from its research and
development phase to commercial production.