Siva Power reaches $10m milestone

Californian solar company Siva Power says it has raised enough funding to finance the key component of a factory it claims will be ‘the least expensive solar panel manufacturer worldwide."

The San Jose company says it has raised the $10 million needed to construct the world’s biggest capacity ‘co-evaporation source’ – the technology developed by Siva to apply photovoltaic material to its thin film panels.

Siva says its planned 300 MW capacity production line will start producing panels for $0.40/W and will be able to make panels for less than $0.28/W within two years, using the technology.

A press release issued by Siva yesterday (Thursday) announced the conversion of $3 million of debt financing provided by backers Trident Capital, DBL Investors, Medley Partners and Acero Capital in May has been bolstered by a commitment to provide an extra $4 million by DBL, Medley and Acero in the latest funding round.

$10m milestone reached

With the company having already secured $3 million from the U.S. Department of Energy’s SunShot Initiative, Siva said the $10 million would fund the co-evaporation source as well as helping it narrow down the final location for the 300 MW fab.

Siva was careful to stress California was among the global sites under consideration but, with the addition of the Chinese city of Wuxi – the manufacturing heartland of former solar giant Suntech’s huge panel making facilities – having been revealed as a new backer for the Siva project, the smart money will be on China for the ambitious scheme.

Siva CEO Brad Mattson said the company would have to embark on further capital raising after the successful Series D fundraising round to build the rest of the factory and no timeline was announced for construction.

The company also announced thin film pioneer Dr Bulent Basol has joined its technical advisory board.