HelioVolt, an Austin, Texas, producer of thin film solar products, said today it closed $77 million in Series B financing.

Paladin Capital Group and the Masdar Clean Tech Fund co-led the round with support from returning investor New Enterprise Associates as well as Solúcar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital.

New investor Masdar Clean Tech is backed by Abu Dhabi, one of the United Arab Emirates.

HelioVolt said the funds will be used to build its first factory and bring its copper indium gallium selenide thin film solar products to market.

"CIGS thin film is emerging as one of the most exciting frontiers in cost-effective solar technology," said Ken Pentimonti, principal at Paladin Capital Group.

"This funding round marks the next step in our sustained path toward developing and delivering streamlined CIGS-based systems for both conventional solar modules and building integrated photovoltaic products," said B.J. Stanbery, CEO of HelioVolt.

Founded in 2001, the company claims its CIGS thin film technology is 100 times thinner, and 100 times more absorbent, than traditional silicon and 10 times faster to produce than alternative CIGS manufacturing methods.

Earlier this year, HelioVolt and Exeltech announced a joint development agreement to commercialize turnkey solar systems (see HelioVolt and Exeltech partner on solar system development).

At the time, the companies said they were aiming for high volume manufacturing, simple installation and easier monitoring and maintenance.