Build-Out Will Create Over 500 Jobs and Prove Capital Light Model
SAN JOSE, Calif. — (BUSINESS WIRE) — June 17, 2010 — Stion, a manufacturer of high-efficiency thin-film solar panels, announced today a production partnership with TSMC of Taiwan. Stion will commence a 100 MW expansion of its San Jose, Calif. facility following the close of its $70 million Series D financing. Stion had previously raised $44.6 million in equity financing.
“TSMC has evaluated a number of thin-film technologies and believes by working with Stion we will gain a robust thin film technology with inherent low cost structure,” said Mr. YC Chao, TSMC’s Senior Director of New Businesses.
Chet Farris, Stion’s President and CEO, added, “Beyond our 100 MW production facility, the strategic partnerships result in a very capital efficient production model as we will gain access to a certain amount of capacity without additional capital commitment from Stion.”
“In the crowded field of thin film solar with mostly undifferentiated technology, Stion has distinguished itself with the highest efficiency production ready technology on one square meter, 120 W to 130 W monolithic panels. Stion will show how a PV startup gets to positive cash flow with a $100m dollar equity investment,” said Vinod Khosla, Partner at Khosla Ventures.
Stion’s panels are specifically designed for use in all major applications, including commercial / government, residential, utility and off-grid. The panels are produced using monolithically integrated circuits and offer a number of advantages over competing products, including high efficiency, a convenient form factor (2 ft. x 5 ft), improved performance in partial shading, and superb aesthetics.
As part of the expansion, Stion expects to bring more than 500 direct and indirect jobs to the region in 2010 and 2011.
Stion is a US-based manufacturer of high-efficiency thin-film solar
panels based on state-of-the-art materials and device technology and
proven production processes. Stion was founded in 2006 and is backed by
leading venture capital investors, including Khosla Ventures, Lightspeed
Venture Partners, General Catalyst Partners, and Braemar Energy
Ventures. Venture Tech Alliance led the Series D while the existing
investors continued to participate.