Sun shines on Suniva $50 million funding

Suniva has revealed it’s found itself on the business end of $50 million dollars in venture capital funding, the solar-cell-manufacturing little devil. For the VC spotters out there, the series B funding was co-led by New Enterprise Associates, and Advanced Equities, with Goldman Sachs Group, HIG Ventures and Quercus Investments joined in too.

Suniva will use the funding for a new manufacturing plant in Atlanta.

A meaningful reduction in raw materials consumption coupled with a lower cost process enables Suniva to significantly reduce the cost per watt of its cells and ultimately the final installed cost of photovoltaic systems.

‘Cost effective, utility scale solar power generation represents a large part of this nation’s future renewable energy portfolio and can be a very competitive supply source for utilities in high solar insolation regions. Suniva’s technology roadmap offers a fast and realistic path to achieve grid parity for environmentally advanced large scale power supplies,’ said Larry Kellerman, a managing director of Goldman Sachs and president of Cogentrix.