Siva Power Lands $25M to Chase Giga-Scale Domestic Thin-Film Solar Production

Greentech Media
By Eric Wesoff
May 23, 2017

As sil­i­con solar costs keep drop­ping, is there room for anoth­er Amer­i­can-made thin-film manufacturer?

It’s extreme­ly dif­fi­cult to raise ven­ture cap­i­tal fund­ing for solar hard­ware com­pa­nies, but some­how Siva Pow­er just raised $25 mil­lion for its thin-film solar man­u­fac­tur­ing think-tank/re­tire­ment project for thin-film technologists.

Siva closed this $25 mil­lion round to focus on build­ing a pilot line and devel­op­ing a solar mod­ule busi­ness — with fund­ing led by Jim Simons and Mark Heis­ing, along with Jonathan Sheets.

Mark Heis­ing is the man­ag­ing direc­tor of Med­ley Part­ners. Jim Simons, a renowned math­e­mati­cian, start­ed the Medal­lion Fund, a wild­ly suc­cess­ful hedge fund. He’s appeared on the Forbes top 100 rich­est peo­ple list and, until this invest­ment at least, was called “the world’s smartest billionaire.”

Siva Pow­er pos­sess­es an all-star team of thin-film solar tech­nol­o­gists. This $25 mil­lion adds to the $15 mil­lion in financ­ing from DBL Part­ners, Acero, Sym­me­try Group and Red House Cap­i­tal that Siva closed in 2015 and the more than $60 mil­lion that Siva had raised in pre­vi­ous incar­na­tions from Olym­pus Cap­i­tal Part­ners, DBL Investors, Birch­mere Ven­tures, Tri­dent Cap­i­tal and Fire­lake Capital.

Siva began in 2006 as Solex­ant, a cad­mi­um-tel­luride (CdTe) solar on roll-to-roll start­up, and was on the same build-a-fac­to­ry-before-the-process-is-opti­mized death spin as the rest. But the board hired semi­con­duc­tor equipment/​process vet­er­an and solar investor Brad Matt­son in June 2011. Matt­son was the CEO and founder of semi­con­duc­tor equip­ment suc­cess­es Matt­son Tech­nol­o­gy and Nov­el­lus Systems.

To read the full arti­cle, vis­it Green­tech Media.