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HelioVolt Raises $77M In Series B

Austin, Texas-based HelioVolt announced Thursday that it has raised $77M in a Series B funding. The company, which is developing thin film photovoltaic products, said that the round was co-led by Paladin Capital group and the Masdar Clean Tech Fund, along with support from its existing investors New Enterprise Associates, Solucar Energia, Morgan Stanley Principal Investments, Sunton United Energy and Yellowstone Capital. HeliVolt said the capital injection will go towards building its first factory. HelioVolt is developing thin-film solar devices based on Copper Indium Gallium Selenide (CIGS), which uses less semiconductor material to create photovoltaic panels. The materials savings of thin-film solar is expected to drop the cost of deploying solar power systems. More information »