Suniva.com Gets $75 Million in Funding
July 28, 2009 by Stephen Kersey
Filed under Business
Suniva.com, a company in the solar energy industry, recently landed $75 million in Series C funding round. While the main investor was Warburg Pincus, others participated including HIG Ventures, New Enterprise Associates and APEX Venture Partners.
Many companies out there are trying to capture the solar market, however some experts believe Suniva.com is a step above. Warburg Pincus’s managing director Chansoo Joung believes that this company could one day be lucrative.
Said Joung: “Most solar is undifferentiated, that’s not the case with Suniva. Their cell design and roadmap for commercialization is extremely compelling and represents a unique value proposition for customers.”
Suniva.com’s monocrystalline solar cells are able to achieve very high levels of efficiency. Adding in the fact that the company keeps costs extremely low and you start to see why venture capitalists are excited.
Said John Baumstark, Suniva.com’s CEO: “In a year when most companies lowered their expectations, the investment community recognized Suniva’s ability to execute. Our technology delivers the performance, cost and quality needed for solar’s next phase of growth. With this funding round, we will continue to execute on our business plan as we move into promising solar markets here in the U.S. and worldwide.”
Solar Power (Image: Flickr)
