SAN JOSE, Calif.--(BUSINESS WIRE)--Stion, a manufacturer of high-efficiency thin-film solar panels, will build a new production facility in Mississippi as part of an incentive agreement with the state that includes a $75 million loan and other tax and training incentives. The project, which will be the first thin-film solar panel factory in Mississippi, will deliver more than 1,000 jobs and $500 million of investment over the next six years.
The first phase of the project includes a 100 MW line planned for Hattiesburg, Miss., which will entail more than $100 million of investment and 200 direct jobs in 2011 and 2012.
“Today’s announcement that Stion is locating a thin-film solar panel manufacturing facility in Hattiesburg is further proof that Mississippi is an ideal location for clean energy companies to locate and expand,” Governor Haley Barbour said. “I am pleased to welcome Stion to Mississippi, and I thank the company for creating so many high-quality jobs for Mississippi’s workers.”
“Together, the state of Mississippi, Forrest County, and the city of Hattiesburg offer a business-friendly location with a strong resource base for manufacturing,” said Chet Farris, Stion’s President and CEO. “In partnering with them, we are pleased to help address this country’s energy needs with clean technology, and support the region’s and the nation’s economy.”
Headquartered in San Jose, Calif., Stion is producing high-efficiency, thin-film solar panels using monolithically integrated circuits. Stion’s panels have a convenient form factor (65 cm x 165 cm) and are specifically designed for use in all major market segments, including commercial/government, residential, utility and off-grid.
In June 2010, Stion closed a $70M Series D financing to help scale production which included a partnership with Taiwan Semiconductor (TSMC), the world’s largest semiconductor foundry.
“Our expansion in Hattiesburg is an integral part of our capital-efficient scale-up plan,” said Farris. “The cost and time-to-market advantage of building here will provide a significant competitive advantage.”
Stion is a US-based manufacturer of high-efficiency thin-film solar panels based on state-of-the-art materials and device technology and proven production processes. Stion was founded in 2006 and is backed by leading venture capital investors, including Khosla Ventures, VentureTech Alliance, Lightspeed Venture Partners, General Catalyst Partners, and Braemar Energy Ventures. For more information, visit www.stion.com.