For CEO Brad Mattson and CTO Markus Beck of Siva Power, producing gigawatts’ worth of thin-film solar panels through domestic manufacturing is a real possibility. This San Jose, California solar startup company is newly funded and developing the world’s largest-scale and least-expensive thin-film CIGS production line.
The company has received $10 million in new funding, including $3 million DOE SunShot grant, a $3 million conversion of debt financing from Trident Capital, DBL investors, Medley Partners and Acero Capital, as well as $4 million in new capital form the city of Wuxi, China and existing investors DBL, Medley, and Acero.
After focusing on research and development, experimenting with different photovoltaic materials and production processes, Siva has decided on co-evaporated CIGS on large glass substrates. Mattson called the technology “a gift of physics” offering the highest thin film efficiencies and fastest production process.
Siva is in need of $120 million to $150 million to launch is factory. It would be the “world’s first solar giga factory” built on California soil, helping the state reach its new 50 percent renewable goal.
Read the article here.
By Molly Denson