Austin, Texas based thin-film solar developer HelioVolt said today it's keeping things local, announcing plans to build its first factory in Austin.

The company said the plant, which will have an initial production capacity of 20 megawatts, will begin manufacturing copper indium gallium selenide, or CIGS, thin-film solar products in 2008.

"As the renewable energy industry continues to look with interest to CIGS and other thin film materials as a route to advanced solar products, we at HelioVolt have been diligently working to ensure that our production process is the most cost-effective and reliable in the market," said HelioVolt CEO and founder B.J. Stanbery.

Earlier this week, San Jose, Calif.-based competitor Nanosolar said it started shipments of its CIGS products, making it the first to market with the solar technology (see Nanosolar starts shipping its first thin-film panels).

HelioVolt said its new plant will be located in Expo Business Park in Austin, employing more than 150 people.

The company said construction of the facility will be financed by the company's Series B round, which recently closed at $101 million (see HelioVolt boosts Series B to $101M).

HelioVolt, which was founded in 2001, said its first plant will have the ability to expand as the company increases production in the U.S. and abroad.