Stion, a San Jose, CA-based manufacturer of high-efficiency thin-film solar modules, raised $130m in equity financing.
The round was led by AVACO, a provider of thin-film processing equipment, and Korean private equity funds, with participation from existing investors Khosla Ventures, Taiwan Semiconductor (through VentureTech Alliance), Lightspeed Venture Partners, Braemar Energy Ventures, and General Catalyst Partners.
The transaction also includes a strategic partnership with AVACO to collaborate to develop next generation thin-film production equipment, focusing on lowering costs, improving tool productivity and increasing module efficiency.
The company intends to use the funding to expand its US manufacturing facility in Hattiesburg, MS.
Stion will also make a $35m initial investment to establish a subsidiary in Korea (Stion Korea) and build a thin-film module factory to help serve the Asian and European markets,.
Led by President & CEO Chet Farris, Stion is producing high-efficiency, thin-film solar modules using a low-cost monolithically integrated circuit design. Its module (65 cm x 165 cm) is specifically designed for use in all major market segments.