Solexel, a Milpitas, CA-based producer of high-performance solar PV technology, raised a financing from Riyadh Valley Company, the venture capital investment arm of King Saud University of Saudi Arabia.
The amount of the deal was not disclosed.
The investment will be used to help transition the company into revenue.
Led by Michael Wingert, President & Chief Executive Officer, Solexel provides lightweight solar PV panels that deliver low cost energy. The company is also backed by venture investors including Kleiner Perkins Caufield & Byers, DAG Ventures, Technology Partners, Northgate Capital and GSV Capital Corp., as well as by GAF, the largest roofing materials manufacturer in North America.