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Nanosolar Closes Fund to Fuel Development of Thin-Film Solar Systems

Nanosolar, a manufacturer of advanced thin-film solar cells and panels, has declared the closing of a $20-million funding round that involved new investor aeris CAPITAL and existing investors OnPoint Technologies and Mohr Davidow Ventures.

Nanosolar will use the fund for ongoing expansion and recently committed projects. In the past six months, the company has announced several projects and landmarks that have reinforced its dominance in the thin-film solar market.

The announcements include the appointment of Eugenia Corrales as Chief Executive Officer of Nanosolar, expansion of company’s production capacity to 115 MW, two new projects totaling 3 MW with EDF EN in Oregon, achievement of NREL-certified thin-film solar cell efficiency of 17.1% and two new projects at National Guard Bases in California and Ohio with a total capacity of 1.5 MW.

Mohr Davidow Ventures’ Erik Straser commented that the company is happy to renew its investment and has a strong faith in Nanosolar's technology. According to Erik Oldekop of aeris CAPITAL, the company trusts that solar printing is the promising low-cost technology for producing solar energy. The company is keen to be involved in the growth and validation of Nanosolar.

Corrales stated that with this investment and its well-established team, Nanosolar will be introducing new projects and partners in order to deliver the low-cost thin-film solar systems. The company utilizes a proprietary printing technique to coat nanoparticle inks and CIGS for producing low-cost thin-film solar cells and panels.

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