MiaSole Secures $55M to Spur its Next Phase of Growth Global Leader in CIGS Efficiency Sets New Benchmark for Thin Film Solar Performance
SANTA CLARA, Calif., March 7, 2012 /PRNewswire/ -- MiaSole, the leading manufacturer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, today announced that the company has secured $55 million in funding to drive its next wave of growth.
"This funding comes at a time when the company has begun production of 14% modules with the industry's lowest capex per watt, which is now under 50 cents. We are pleased that investors have demonstrated a powerful endorsement of our strategy and growing success in the market," said John Carrington, CEO of MiaSole. "This additional investment will allow us to take the company to the next level and we are focused on aggressively building the commercial side of our business with both our traditional glass-on-glass and flexible products. We have demonstrated technology leadership and are now focused on commercial performance: our investors have responded to that."
MiaSole is the first company to unlock the potential for CIGS thin-film solar technology, increasing panel efficiency by more than 30% from 2011 to 2012. To date, MiaSole has installed over 55MW of solar modules in a wide range of global projects across North America, Europe and Asia. Its unique technology is also being applied to a high efficiency flexible rolled roof-top product that will address the fast-growing commercial and residential markets.
"MiaSole is entering into an important time in its history," said Stephan Dolezalek, Managing Director at Vantage Point Capital Partners, on behalf of the MiaSole board of directors. "It has the right strategy, the right technology and the right team to deliver a new benchmark in solar for cost, performance and capital efficiency with the enormous benefit of being able to compete in both the traditional glass and flexible panel markets."
"MiaSole's ability to deliver 14 percent in production with demonstrated capability to achieve 17 percent further emphasizes the progress we are continuously making against our roadmap," said Carrington. "We are excited about the road ahead and our ability to deliver the true promise of thin film technology — enabling the lowest levelized cost of electricity for our customers."
MiaSole is a pioneer and leading developer of copper indium gallium selenide (CIGS) thin-film photovoltaic solar panels, one of the lowest-cost, highest efficiency solar panels in the world. MiaSole's primary mission is to advance the extraordinary potential for harnessing solar power as a competitive, sustainable energy source. MiaSole operates its manufacturing facilities in California.