CIG: Amonix plans to concentrate on solar manufacturing after completing $130 million funding round.

April 23, 2010 - PRLog -- CIG has learned that concentrated photovoltaic solar power company Amonix has very recently announced that it has raised $129.4 million in a series B funding round, and intends to use the capital injection to rapidly expand its production capacity.

The funding round, one of this year’s biggest venture capital clean tech investments was led by Silicon Valley venture capital firm Kliener Perkins Caufield & Beyers and comes after a $25m series A funding round led by Goldman Sachs and MissionPoint Capital. The latest round saw some of the leading U.S. clean tech investors come aboard, including Adams Street Partners the Angeleno Group, PCG Clean Energy and Technology Fund and Vendanta Capital among others.

CIG believes the firm said that it would use the money to accelerate development of its concentrated solar technology, which uses optics in order to focus the sun’s rays onto smaller photovoltaic cells. The system uses multi-junction solar cell technology originally developed for applications in the space industry. The technology uses three different photovoltaic materials per cell to extract maximum energy from the spectrum of sunlight.

Above the private funding, the company has also succeed in obtaining $15.6 million in grants from the Department of Energy Solar America Initiative, together with $9.5 million in stimulus funding and is therefore now ideally placed to expand its production capacity.

CIG has been informed that Amonix claims a conversion efficiency of 39% in volume production, which can be optimized by placing its units on trackers following the arc of the sun.

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