Stion Raises $15 Million Series B
June 25, 2007
For Immediate Release
Next-generation solar photovoltaics company develops high-efficiency thin-film modules to minimize the total installed system cost of solar electricity
MENLO PARK, California (June 25, 2007) — Stion (www.stion.com), a next-generation solar photovoltaics company developing high-efficiency thin-film modules comprised of proprietary materials, announced that it has raised a $15 million Series B financing led by Lightspeed Venture Partners (www.lightspeedvp.com). General Catalyst Partners (www.generalcatalyst.com) also participated, as did all three existing investors — Khosla Ventures (www.khoslaventures.com), Braemar Energy Ventures (www.braemarenergy.com) and Moser Baer Photovoltaic (www.moserbaer.com). Peter Nieh, a Partner at Lightspeed, will join Stion’s Board of Directors.
Stion is aiming to minimize the total installed system cost of solar electricity. The Company will use the Series B funds to accelerate its product development efforts. “We are very pleased with the addition of Lightspeed and General Catalyst to our investor base,” said Chet Farris, Stion’s President & CEO. “Our technology is primed for the next phase of development, and the proceeds from this round will take us to early commercialization phase.”
About Stion
Headquartered in San Jose, CA, Stion is a leading manufacturer of high-efficiency thin-film solar modules based on state-of-the-art materials and device technology and proven production processes. In September 2011, Stion opened its first mass production facility in Hattiesburg, MS. Visit www.stion.com.
For more information
- Frank Yang
- Manager of Business Development
- (408) 284-7205
- fyang@stion.com
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.
About Lightspeed
Lightspeed Venture Partners combines extensive venture capital and operating experience to assist entrepreneurs in creating industry-leading technology companies. Lightspeed manages $1.3 billion in committed capital and focuses on early-stage investments in the U.S., Asia and Israel. For more information, please visit: www.lightspeedvp.com.
About General Catalyst
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals’ extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com.