Nanosolar Ups Funding to $1/2 Billion

As part of a strategic $300 million equity financing, Nanosolar has
added new capital and brought its total amount of funding to date to
just below half a billion U.S. dollars.

Last December, we introduced the Nanosolar Utility Panel (TM) to enable
solar utility power — i.e. giving utility-scale power producers the
solar panel technology to build and operate cost efficient solar power
plants.

The tremendous demand for our unique product was matched by the desire
to support us in scaling its availability even more rapidly and
ambitiously.

Today we are pleased to announce that we have received strategic backing
by partners ideally suited to accelerate the implementation of this
business — in the form of product supply agreements, strategic
collaboration, and equity investments.

As part of the transaction, the boards of directors of AES Corporation
(one of the world’s largest power companies), the Carlyle Group, EDF
(the world’s largest electric utility), and Energy Capital Partners
signed off on investments into Nanosolar through Riverstone Holdings,
EDF Renewables, and simultaneously formed AES Solar. A fraction of the
oversubscribed Nanosolar equity round also included financial investors
such as Lone Pine Capital, the Skoll Foundation, and Pierre
Omidyar’s fund as well as returning investors including GLG
Partners, Beck Energy, and Conergy founding investor Grazia Equity. The
transaction closed in March 2008.

The alliance for solar utility power is the outcome of a year long
effort on behalf of our strategic partners examining the solar industry,
investigating virtually every solar company on the planet, and
conducting one of the most thorough due diligence efforts on our
manufacturing operation, our scale-up capabilities, and our readiness
for the level of cost efficiency demanded by solar utility power. We are
honored to have been selected as the company of choice to partner with
by such a distinguished and sophisticated group.

The new capital will allow us to accelerate production expansion for our
430MW San Jose factory and our 620MW Berlin factory. (Earlier, Nanosolar
secured a 50% capex subsidy on its Germany based factory.)
Wed Aug 27, 2008 10:27 am (PDT)
Martin Roscheisen, CEO

Source: Nanosolar News http://www.nanosolar.com

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~ by vascoteixeira on August 28, 2008.

 
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