Funding News: HelioVolt Snags $77M

Thin-film solar startup HelioVolt, based in Austin, Texas, has raised $78 $77 million in Series B funding. The funding was first reported by TechConfidential earlier today.

Update: We spoke to HelioVolt [read our Q&A with the CEO here] and they confirmed that they’ve raised their Series B round of funding. The total amount of the funding was $77 million. The round was co-led by the Paladin Capital Group, based in Washington, D.C., and the Masdar Clean Tech Fund with support from returning investor New Enterprise Associates, which led the company’s $8 million Series A round in 2005.

HelioVolt, like its competitors Miasole, SoloPower, DayStar, and Nanosolar, uses the chemical copper indium gallium selendide (CIGS) to convert sunlight into electricity. Thin-film start-ups such as First Solar (FSLR), which use different semiconductor materials, also compete in the space.

The global thin-film photovoltaics market is expected to rise to $7.2 billion by 2015 from just over $1 billion today, according to research firm NanoMarkets. It looks like some of these bigger thin film players are still getting later rounds, and the well of investment might not be completely dried up yet.