Solar-Panel Co Nanosolar Gets $70 Million in Venture Capital

Solar-Panel Co Nanosolar Gets $70 Million in Venture Capital California solar-panel maker Nanosolar Inc. Despite the difficult market conditions, Nanosolar's "strategy hasn't changed," Nanosolar Chief Executive Eugenia Corrales said in an interview. Last autumn, Nanosolar agreed to offer Electricite de France S. In May, Nanosolar put in place a one-megawatt solar-panel project at a California military base under a contract with the U. "We are happy to see the continued trust that our investors place in our company," Nanosolar's executive chairman, Guido Polko, said in a statement. While the solar company would like to raise sales to the defense industry, it views privately funded large-scale solar farms around the world as its biggest market, Corrales said. Investors in Nanosolar's funding round include Mohr Davidow Ventures, OnPoint Technologies Inc. Department of Defense, which the company hopes will continue to be a key customer. Nanosolar has agreements with other developers, including Germany-based Plain Energy and Belectric, and AES Solar, a joint venture owned by AES Corp. The company is optimistic about its prospects in the solar-power market, despite falling prices and a global oversupply of panels that has put tremendous pressure on the market's largest players. Nanosolar investor OnPoint Technologies is a private-equity investor that supports companies that sell to the U. 's (EDF FR) renewable-energy unit with six megawatts of solar panels. Nanosolar plans to spend the funds on ramping up a recent expansion of its manufacturing operations, to 115 megawatts of capacity, and on research and development to improve its thin-film solar-panel technology. Army, according to the company. Solar-Panel Co Nanosolar Gets $70 Million in Venture Capital Trade News selected by Local Linkup on 02/06/2012