Dec. 20 (Bloomberg) -- Stion, a maker of thin-film solar modules, got a $130 million equity investment led by Avaco Co. and said it will form a “strategic partnership” with the South Korean company to develop new equipment.
Stion is also establishing a Korean subsidiary to build a module factory to serve Asian and European markets, the San Jose, California-based company said in a Business Wire release today. It will initially fund the unit with $35 million.
The partnership with Avaco will help improve the conversion efficiency of its thin-film panels, lower the cost and increase the productivity of manufacturing equipment, Stion said.
Avaco joined current Stion investors, including Khosla Ventures, Taiwan Semiconductor Manufacturing Ltd. and LightSpeed Venture Partners, in the investment.
Stion will continue with a planned expansion of its U.S. facility in Hattiesburg, Mississippi, according to the statement.
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