The rumors that the thin film solar startup Miasolé had been out fund raising are confirmed this morning. The Santa Clara, Calif.-based company has raised another $50 million in series D funding that included six new but unnamed investors, according to VentureWire, (via PE Hub).
Miasole makes thin film solar out of copper, indium, gallium and selenium (CIGS), and these startups have been raising significant funds as of late. Miasolé competes with the likes of Nanosolar (with $100 million in funding so far, plus $20 million from the DOE), Heliovolt ($85 million in funding), and Solyndra (over $79 million). Now Miasole’s funding adds up to over $100 million.
Why all the cash? Getting this technology into large scale manufacturing is proving to be difficult. Delays have plagued some CIGS makers, and they’re all in a race to be the first to market. Despite the investments, these companies have struggled to move into production. Earlier this month, semiconductor veteran Joseph Laia replaced Miasolé founder, Dave Pearce, as CEO.
Thin film technology promises to be cheaper than traditional solar technology because it uses little or no silicon, and in some cases, can be printed on flexible materials. But there’s a trade-off, as those developing the technology are still struggling to boost its efficiency levels.