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01/14/2009 09:33 AM     print story email story  

Solyndra Series E Financing Tops $200M

SustainableBusiness.com News

Solyndra, a solar company with an innovative cylindrical design for rooftop solar installations raised $219.2 million in Series E funding last year, according to a report that came out just before the New Year.

PE Week reported that the funds were raised from existing investors, including Argonaut Ventures, U.S. Venture Partners, CMEA Ventures and Redpoint Ventures. The financing includes $96.6 million in "working capital" and $122.2 million for the “conversion of convertible promissory notes into Series E preferred stock,” according to a regulatory filing. 

Solyndra did not confirm whether or not the Series E funding was included in the $600 million funding reported earlier in the fall. Nonethelss the single round was the second largest of 2008, following $300 million raised by CIGS manufacturer Nanosolar. 

Solyndra announced $250 million contract with German solar integrator GeckoLogic in October.

Read the PE Week report at the link below.

Website: http://www.pewnews.com/story.asp?storycode=46353



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