Solar cell maker Ambient Photonics lands USD 17.5m of debt to build factory
Ambient's low-light solar PV cell. (Photo: Business Wire)
September 7 (Renewables Now) - California-based low-light solar photovoltaic (PV) cells developer Ambient Photonics said today it has obtained USD 17.5 million (EUR 17.7m) in debt financing, thus concluding the initial funding for its US solar manufacturing facility.
Ambient has secured the debt from Silicon Valley Bank and Trinity Capital Inc (NASDAQ:TRIN), adding it to the USD 31 million in equity raised earlier this year.
In May, Amazon, through its Climate Pledge Fund, and Ecosystem Integrity Fund (EIF) led a Series A financing round at Ambient. The latter now has USD 48.5 million of equity and debt at its disposal to build a factory with a fully-automated production line and an annual capacity for tens of millions of cells.
The company has developed low-light solar cells which, it claims, generate more than three times more power than conventional technology from the natural and artificial light in the surrounding environment. At present, it is focused on smart home and IoT applications.
“By putting debt capital to work from leading lenders like SVB and Trinity Capital, along with the equity capital already raised this round, we will establish the U.S. as a major center of energy harvesting technology manufacturing,” commented Ambient CEO Bates Marshall.