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07/02/2007

Stion Raises $15 Million in Series B Venture Capital Funding

 

Stion, a next-generation solar photo-voltaics 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.

General Catalyst Partners also participated, as did all three existing investors - Khosla Ventures, Braemar Energy Ventures and Moser Baer Photovoltaic. 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 and CEO. “Our technology is primed for the next phase of development, and the proceeds from this round will take us to early commercialization phase.”

Stion was founded in 2006, and its technology is based on the work of Dr. Howard Lee, a leading researcher in nanotechnology and semiconductor materials and devices with 28 years of corporate, government and R&D experience. The Company’s President and CEO, Chet Farris previously worked as President of Shell Solar Industries and also served as President of the Solar Energy Industries Association (SEIA).