Austin, Texas - October 22, 2007 - HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced the final closing of its Series B funding round for a total of $101 million, with investments from Sequel Venture Partners, Noventi Ventures, and Passport Capital.
HelioVolt Closes Second Traunche, Brings Series B Funding Total to $101M
Additional Investors Augment Growing Momentum, Production Ramp-up
Austin, Texas - October 22, 2007 - HelioVolt Corporation, a producer of highly-efficient thin film solar products, today announced the final closing of its Series B funding round for a total of $101 million, with investments from Sequel Venture Partners, Noventi Ventures, and Passport Capital. The additional funding will be used to accelerate scale-up and global deployment of HelioVolt's proprietary manufacturing process for Copper Indium Gallium Selenide (CIGS) building-integrated solar products.
"Sequel understands the disruptive potential of thin-film solar," said Ron Bernal, General Partner with Sequel Venture Partners. "From an investment perspective, HelioVolt's FASST' manufacturing process embodies the most attractive technological and economic characteristics within the CIGS category, as well as the broader solar landscape. We're delighted to have HelioVolt as the cornerstone of our energy portfolio."
Giacomo Marini, managing director of Noventi, whose fund represents a number of global interests including participation from Sorgenia, a leading Italian utility focused on its developing renewable energy segments, added, "We are impressed with HelioVolt's unique business model and ambitious plans for rapid international expansion. We are confident that this investment will prove to be very high value for us as we continue to work closely with our valuable partners and build our cleantech portfolio."
HelioVolt, recently lauded as an AlwaysOn GoingGreen Top 100 company, is rapidly expanding and hiring the top technical talent in manufacturing and process engineering. Targeting both domestic and international markets, HelioVolt will co-locate production facilities with manufacturing partners to create traditional photovoltaic panels at dramatically reduced costs as well as a line of flexible solar products integrated within building and construction materials.
"The excitement surrounding CIGS, this emerging new generation of thin-film solar, is palpable," said Dr. BJ Stanbery, founder and CEO of HelioVolt. "We're very pleased at the extremely high caliber of expertise as well as key relationships that our additional investors bring to HelioVolt. This traunche will support our rapid expansion as we bring our proven photovoltaic semiconductor printing technology to market."
The initial traunche closed at $77 million in August of this year and was led by Paladin Capital Group and the Masdar Clean Tech Fund. Additional participants in the first closing of HelioVolt's Series B include returning investor New Enterprise Associates as well as Solúcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.
HelioVolt Corporation was founded in 2001 in order to develop and market new technology for applying thin film photovoltaic coatings to a variety of substrates including conventional construction materials. The company's proprietary FASST' process, based on rapid semiconductor printing, was invented by HelioVolt founder Dr. Billy J. Stanbery, an eminent expert within the international PV community in the materials science of CIGS and related compound semiconductors. FASST' is a low-cost, flexible manufacturing process for CIGS synthesis and is protected by both nine issued US patents and by numerous global patents pending. For additional information, visit www.heliovolt.com.
About Sequel Venture Partners
Sequel Ventures Partners is a Boulder, Colorado-based venture capital firm specializing in early-stage funding for emerging technology businesses located primarily in the Rocky Mountain region. Managing over $400 million in capital, Sequel focuses its investments in the areas of information technology, communications technology and health care.
About Noventi Ventures
Noventi Ventures is an early stage venture capital firm focused on building successful companies through the partnerships with entrepreneurs. Noventi leverages decades of operating experience, a global network of resources, and a proven record in venture investing to focus on opportunities at the convergence of technology, energy, and the environment.
About Passport Capital, LLC
Passport Capital is a San Francisco based, global hedge fund firm founded by John H. Burbank III in 2000. The firm manages approximately $2.8 billion in assets. Passport's investment process uses a combination of macroeconomic analysis to develop major themes and rigorous fundamental research on individual companies to create global portfolios. The firm's investment team focuses on the following industry sectors: Metals/Mining, Energy, India, Internet/Technology, Consumer, Healthcare/Biotechnology and Sub-Prime Mortgage CDS.
Antenna Group (for HelioVolt)