Silicon Valley Solar Secures 10 Million Dollars To Complete Acquisition of NuEdison

Silicon Valley Solar announced that they have completed their Series A funding round totaling $10.2 million. Bessemer Venture Partners (BVP) is the lead investor in this round. "We are very enthusiastic about SV Solar's approach to this space," said Justin Label, Cleantech partner for BVP.

"Sol-X technology can leverage mature materials and processes while delivering compelling cost advantages in a very capital efficient way. BVP is impressed with the SV Solar management team, the strategy they have developed to go to market, and the business model enabled by their technology. We believe the addition of NuEdison will serve to accelerate SV Solar's ability to deliver upon their value proposition."

"BVP is an outstanding partner to provide the necessary capital for the next major step in SV Solar's development as a company," added Pat Callinan, CEO of SV Solar. "In addition to their long track record of growing successful companies, they have an up-to-date focus on Cleantech providing an invaluable network of contacts and market specific expertise.

Now with the acquisition of NuEdison, and the addition of Joe Lichy to the SV Solar team, we've significantly enhanced our capability to provide compelling solutions to the market that achieve new levels of price performance."

"I'm very excited about the opportunity to join SV Solar," said Joe Lichy, President and founder of NuEdison. "We have very complimentary technologies and resources, and it was clear to me that together we could build better products at lower cost. My discussions with Pat and the rest of the leadership team convinced me that this would be a powerful, synergistic combination."

SV Solar has already established a broad and well balanced network of business relationships that include a 10MW purchase order from Pacific Power Management, a contract manufacturing agreement with GSS, a cell sourcing agreement with ErSol and a collaboration agreement with Conergy. The Series A funding will be used for the process development, equipment, materials and staffing required to mature the company's Sol-X technology to commercial form.