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Suniva gets $50 Mn funding
By siliconindia
Los Angeles: Ajeet Rohatgi founded Suniva; Atlanta based, solar cell manufacturer announced a funding of $50 million in second round from venture capital firm New Enterprise Associates, Goldman Sachs. Cogentrix Energy, HIG Ventures and Quercus Investments also participated in the funding.
"The capital raised will be used for developing a new manufacturing facility," said John Baumstark, CEO, Suniva. The company also expects to begin shipping cells in the fourth quarter, he added.
Founded in 2006, the company aims to reduce cell-manufacturing costs to help bring the price of solar power closer to that of electricity from the grid. The company is currently focusing on manufacturing of solar cells.