Solaria Raises $40 Million To Expand Production

US Solar Panel Maker Solaria Corporation Raises $40 Million In Growth Funding To More Than Double Company’s Production For Premium Residential PV Panels
03:27 AM (Beijing Time) - 12. September 2019

Solaria claims the demand for its Pure Black™ PowerXT solar panels has been exceeding its expectations, and it now has the financial resources to more than double its production capabilities for the technology. Pictured is a home in Virginia, US with all-black solar panels from Solaria. (Photo Credit: Solaria Corporation)

Key Takeaways

  • A number of strategic and financial investors have provided $40 million to Solaria Corporation
  • The company will invest this money to more than double its production capabilities for premium residential solar panels, namely Pure Black™ PowerXT panels, by the year 2019
  • Investors for this round include TJ Rodgers and Isidoro Quiroga, both of whom have joined the company’s Board of Directors

California, US headquartered based solar panel manufacturer Solaria Corporation has raised $40 million in growth funding to more than double its production capabilities for premium residential solar panels by the end of the year 2019. However, it did not specify how much capacity increase it would entail.

Solaria’s focus will be on expanding the capacity of its Power XT solar panel that has a power conversion efficiency of over 20% with a patented cell design and advanced panel architecture. The company said this series of black solar panels are shade resistant which enhances their efficiency.

Calling premium residential solar as one of the fastest-growing areas in renewable energy, Solaria CEO Suvi Sharma said, “Solaria’s Pure Black™ PowerXT panels have emerged as a first choice in the premium segment, exceeding our expectations and creating tremendous demand for our products. Now we’ll be able to satisfy our customers while maintaining excellent customer service.”

The money has been raised from ‘leading strategic and financial investors’ a list that includes solar industry investors TJ Rodgers and Isidoro Quiroga; both have joined the company’s Board of Directors.

In February 2019, Solaria said it had started shipping PowerXT panels from the production facilities owned by South Korean solar energy company SHINSUNG E&G.

In January 2018, a syndicate of investors approved growth funding of $23 million for Solaria to expand its domestic and global manufacturing capacity for Power XT modules (see Solaria Raises $23 Million To Expand Production).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani