Thin-film solar company Stion announced it will build a new production facility in Mississippi as part of an incentive agreement with the state that includes a $75 million loan and other tax and training incentives.
The project, which will be the first thin-film solar panel factory in Mississippi, is expected to create more than 1,000 jobs and $500 million of investment over the next six years.
The first phase of the project includes a 100 megawatts (MW) production line planned for Hattiesburg, Miss., which will entail more than $100 million of investment and 200 direct solar jobs in 2011 and 2012.
Headquartered in San Jose, Calif., Stion is producing thin-film solar panels using monolithically integrated circuits. Stion’s panels have a form factor of 65 cm x 165 cm and are designed for use in all major market segments, including commercial/government, residential, utility and off-grid.
In June 2010, Stion closed a $70M Series D financing to help scale production which included a partnership with Taiwan Semiconductor (NYSE: TSM), the world’s largest semiconductor foundry. Taiwan Semiconductor now owns a 21% stake in Stion.
Inida’s Moser Baer is another high profile investor in the company.
“Our expansion in Hattiesburg is an integral part of our capital-efficient scale-up plan,” said Chet Farris, Stion’s President and CEO. “The cost and time-to-market advantage of building here will provide a significant competitive advantage.”
Stion was founded in 2006 and is backed by leading venture capital investors, including Khosla Ventures, VentureTech Alliance, Lightspeed Venture Partners, General Catalyst Partners, and Braemar Energy Ventures.
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