The equity investment was led by Avaco and other Korean private equity funds. Meanwhile, existing investors Khosla Ventures, Taiwan Semiconductor (through VentureTech Alliance), Lightspeed Venture Partners, Braemar Energy Ventures, and General Catalyst Partners also participated in the round.
The manufacturer says that its U.S. manufacturing facility plans in Hattiesburg are continuing. In a statement released back in January, the company said that it would hire over 200 employees and invest $120 million. "Over the first six years of commercial production, Stion plans to expand to 1,000 jobs with an investment of $500 million," it added.
Meanwhile, Stion says it will invest an initial sum of $35 million in setting up a subsidiary in Korea, Stion Korea, in order to build a thin film factory to serve both the Asian and European markets.
Stion and Avaco will also work together in developing "next generation" thin film equipment. The main focus will be on "lowering costs, improving tool productivity and increasing module efficiency".
Recently, the company produced a 14.1 percent efficient monolithic thin film circuit at production scale. Verified by the National Renewable Energy Lab, it is said to be the most efficient circuit of its kind.
No further details were released regarding its expansion plans in either the U.S. or Korea.