Solexant Corp. announced the $41.5M first close of a Series C financing round following the successful completion of a 2MW pilot line operating at the company’s headquarters. The round, led by Olympus Capital Partners, includes two other new investors, DBL Investors and Birchmere Ventures, with strong support from existing investors Trident Capital, Firelake Capital, Medley Partners and X/Seed. Rami Elkhatib, general partner of Olympus Capital Partners, and Cynthia Ringo, managing partner of DBL Investors, will join Solexant’s board of directors.
“Solexant’s winning combination of breakthrough technology and manufacturing coupled with the management team’s ability to prove the commercial application of its nanocrystal ultrathin-film solar cell technology in a very capital-efficient way, impressed us immediately and maps ideally to our investment strategy,” said Rami Elkhatib, general partner of Olympus Capital Partners and new Solexant board member. “We’re very passionate about investing in sound companies like Solexant that can bring transformative solutions to important clean tech markets. With its unique thin film technology and cost-efficient production process, we’re confident Solexant will be a leader in the solar industry. ”Solexant utilizes an extremely capital efficient “roll-to-roll” manufacturing technique to produce the industry’s first nanocrystal ultrathin-film solar cell. This method allows for more efficient use of equipment space, as well as higher throughput and lower labor costs than competing thin film companies. The company’s production process brings down the solar module manufacturing cost and total balance of systems (BOS) cost to below those of other thin film competitors.
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