Solexant Corp., a San Jose, CA-based ultrathin-film PV technology developer, raised $41.5m as a part of its Series C round of funding.
The investment was led by new shareholder Olympus Capital Partners, with participation from two other new venture partners DBL Investors and Birchmere Ventures, and existing backers Medley Partners, Trident Capital, Firelake Capital and X/Seed.
In conjunction with the financing, Cynthia Ringo, managing partner at DBL Investors, and Rami Elkhatib, general partner at Olympus Capital Partners, will become members of Solexant’s board of directors.
The company, which has just completed a 2MW pilot line operating at its headquarters, uses a printable nanocrystal technology platform developed at Lawrence Berkeley National Lab (LBNL), which increase solar cell efficiency and reduce manufacturing costs.
Solexant, whose first products will be based on printed Cadmium telluride (CdTe) nanocrystals, is planning to commercialize solar cells based on other printed nanocrystal materials over the next years.