September 11 (Renewables Now) - California-based solar technology firm Solaria Corp said on Tuesday it has secured USD 40 million (EUR 36.2m) in growth funding capital to more than double its manufacturing capacity by end-2019.
The fresh funds were raised from a syndicate of strategic and financial investors including solar industry investors T J Rodgers and Isidoro Quiroga, both of whom have joined the company’s board of directors following the fundraising campaign.
Solaria’s flagship product is the PowerXT solar photovoltaic (PV) panel that is optimised for residential deployment. The California-based firm, set up in 2000, claims that its pure-black design panels have a 20% higher energy yield per sq m as compared to traditional panels.
“Solaria’s Pure Black PowerXT panels have emerged as a first choice in the premium segment, exceeding our expectations and creating tremendous demand for our products,” said CEO Suvi Sharma.
(USD 1.0 = EUR 0.905)