Cash shines on solar

August 30, 2007 - Exclusive
By David Ehrlich, Cleantech Group

It must be easier to find cash when a company is out in the sun all day.

Plextronics, Solarcentury and Solexant came up all smiles this week, raising a total of $52 million among them all.

Solarcentury, which makes PV and solar thermal products, was the happiest, with $27.1 million. Plextronics, which makes printed electronics used in solar cells, took in $20.6 million. Still smirking was Solexant, a developer of low-cost photovoltaic cells, which raised $4.3 million.

With a few billion years left on the Sun's ticker, the solar market is likely to continue coming up roses all over.

Deals we saw this week:

  • Plextronics, a Pittsburgh-based printed electronics developer, closed $20.6 million in Series B financing. Chemical company Solvay led the round with a $10 million investment, giving it a minority interest in Plextronics. Firelake Capital Management, Birchmere Ventures, Draper Triangle Ventures and Newlin Investment also joined the round. Plextronics said it has raised a total of $37 million in equity capital over the last five years (see Cleantech.com's Plextronics takes in $20.6M).
  • London's Solarcentury Holdings completed $27.1 million in financing led by zouk ventures and co-led by Good Energies. The maker fo PV and solar thermal products said it plans use the cash to fund its product development and international expansion strategy. Also joining the found was Vantania Holdings and Foursome Investments, along with existing investors VantagePoint Venture Partners and Scottish and Southern Energy (see Cleantech.com's UK's Solarcentury raises $27.1M).
  • Propel Biofuels, a Seattle-based developer of biodiesel pumps for existing service stations raised $4.8 million in its first institutional funding round. Backers include @Ventures and Nth Power. Seattle-based sustainable business leaders also participated in the round, including the founder of Full Circle Farms, the founder of KAVU, and the founder of RAFN Construction (see Cleantech.com's Seattle's Propel Biofuels closes Series A).
  • Israel Corp. invested $100 million in an electric car venture led by Shai Agassi, former head of software products at Germany's SAP. Israel Corp. will own 33 percent of the rights in the venture, which includes several investors. Israel Corp. said the total investment in the initial phase of the car startup will be $200 million, including Israel Corp.'s $100 million.
  • Solexant, a Menlo Park, Calif.-based developer of low-cost photovoltaic cells, raised $4.3 million in Series A funding. Backers include Trident Capital, Firelake Capital and X/Seed Capital. Solexant plans to develop and manufacture solar cells and supply them to OEMs.
  • EnerTech Capital reportedly held a $75 million close on its $250 million-targeted third fund. The Wayne, Penn.-based firm focuses on expansion-stage companies in alternative energy, energy technology and emerging cleantech.
  • Delaware's Acorn Factor made a commitment to invest $5 million in EnerTech Capital Partners III. Acorn currently has equity interests in Comverge, Paketeria, dsIT and Local Power. Acorn said its capital commitment to EnerTech will be paid out over the 10-year life of the fund.
  • St. Louis-based coal gasification company Secure Energy raised $5.5 million of an $8 million Series A round, according to a regulatory filing. The deal is structured as 10 percent cumulative convertible preferred stock, with Kenny Securities serving as placement agent.
  • Bellevue, Wash.-based Reklaim Technologies secured $7 million of a $10 million Series B round led by Goldman Sachs, according to a regulatory filing. The company is developing a climate-neutral solution to recover materials and trapped energy from discarded products such as tires, computers and automobile plastics.
  • Serious Materials, a Sunnyvale, Calif.-based developer of "green drywall," is reportedly looking to raise $40 million to $50 million to finance construction of its third manufacturing facility. The company plans to launch its drywall product in 2008. Serious Materials raised $5.5 million from Rustic Canyon Partners last year.
  • Inventure Chemical, a Gig Harbor, Wash., algae to biofuels process developer, raised $2 million in its first round of funding. The capital will be used to expand the company's test production site and to further develop its algae to jet fuel processes. Investors include Cedar Grove Investments, Brighton Jones Wealth Management and undisclosed angel investors.

Browse previous deals here.

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