Nanosolar Inc., a closely held manufacturer of thin-film solar cells, received $70 million in venture capital to hire more people and increase production.
Investors included Mohr Davidow Ventures, Ohana Holdings LLC and Arsenal Venture Partners, the San Jose, California-based company said today in a statement.
Nanosolar has shipped 10 megawatts of panels made with its cells since it began selling them last year. Expanding its workforce by about 10 percent will let it boost manufacturing, Susan Lehman, a Nanosolar spokeswoman, said today by telephone.
“We’re expecting significant growth over last year,” she said. The company has about 300 employees now.
Nanosolar’s cells are printed onto aluminum foil using inks made of copper-indium-gallium-selenide, an approach that the company says is less expensive than conventional silicon-based solar cells.
Its factory in Luckenwalde, Germany, can make about 115 megawatts of panels a year from cells that are printed in California.
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