Solaria Secures Solar Cell Supply Agreement for 1.35 GW, Announces $50M Series C Round
Long-Term Supply From Q-Cells Positions Solaria for Success
FREMONT, Calif.--(BUSINESS WIRE)--Solaria Corporation today announced that it has closed a $50 million Series C round of funding led by Q-Cells AG, the second largest solar cell manufacturer in the world. With this investment, Q-Cells increased its non-controlling stake in Solaria to 33% and is joined in this round by existing investors: Sigma Partners, NGEN and Moser Baer. In addition to funding, Solaria has secured a cell supply agreement with Q-Cells which ensures Solaria access to 1.35 GW over the next ten years, representing one of the solar industry’s largest cell deals to date. This cell supply arrangement will enable Solaria to produce over 2.7 GW of PV modules using its proprietary cell-multiplication technology. The two companies will closely cooperate on the advancement of cell-specific technologies.
Anton Milner, Q-Cells CEO, stated, “We are excited by this investment and the progress at Solaria. Solaria has a high synergetic potential to deliver important cost savings to the current mainstream solar cell applications. We not only see Solaria as an important partner and customer within our core business areas, but also seek to help develop Solaria’s highly promising approach through our investment and tailoring R&D and products to their needs.”
The long-term relationship between Q-Cells and Solaria will focus on the commercialization and scaling of Solaria’s PV technology platform, while offering Solaria maximum flexibility, as well as a wide range of support services from Q-Cells, including back-up warranties and access to Q-Cells’ established network of European partners.
“Evidenced by its impressive market success, Q-Cells has a deeply analytical approach towards anticipating the needs of the solar industry and is one of the few leaders that continues to innovate on a significant scale to meet those needs. Our long-term agreement reflects Q-Cells’ willingness to support its partners and the value proposition our technology brings to the table,” said Suvi Sharma, CEO of Solaria.
ABOUT Q-CELLS AG
Founded in 1999, Q-Cells AG, based in Thalheim, Germany, is the leading independent manufacturer of solar cells worldwide and one of the most rapidly growing companies in the PV industry. With its current workforce of more than 1,200 employees, Q-Cells expects to produce multi- and mono-crystalline silicon cells with a total output of 360 MWp in 2007. Q-Cells supplies independent module manufacturers in all strategic markets throughout the world. The company targets primarily the high performance market of PV module and system suppliers, where its products add significant value to its customers. Q-Cells is currently in the process of increasing its production capacity in the core business to 516 MWp until the end of 2007. In addition Q-Cells is substantially commercializing several thin-film technologies through its subsidiaries.
Based in Fremont, Calif., Solaria Corp. focuses on solving the economics of solar power through cell and module innovations. The company's technology platform applies existing science from the semiconductor and optics industries to create breakthrough cell and module innovations. Solaria’s extensive IP portfolio is initially focused on a reliable PV-maximizing process that, via solar cell singulation and optical concentration, yields two highly efficient cells from one. The resulting modules integrate seamlessly into the supply chain. Solaria is prepared to scale production to meet the solar industry’s rapidly increasing needs. For more information, please visit www.solaria.com.