Stion to Manufacture Dual-Layer Solar Panels Next Year
Combining new material science expertise with a fourth round of venture funding, Stion, a San Jose California startup, has received $50 million dollars from Taiwanese Semiconductor Manufacturing Company (TSMC) to move forward with manufacturing a more energy efficient, two-layered solar panel. Stion uses state-of-the-art materials and device expertise, in combination with effective production processes, to manufacture its high-efficiency thin film solar panels.
Taiwanese Semiconductor Manufacturing Company will receive a 21% stake in Stion in exchange for $50 million in funding, bringing the total raised by Stion to $70 million for this round. The double module solar panel to be produced next year has layers regulated to capture different light values. This will improve efficiency significantly while holding cost per watt at the same level as single-layer panels.
Stion has won awards for green technology and entrepreneurship, and is backed by an array of venture partners with strong interests in clean technology. The company targets consumer, government, and commercial markets, which may help it become financially sustainable. It faces competition from a stable of other venture-funded solar companies in its sector, including Solyndra, MiaSolé, and Nanosolar.
Image credit: Stion