PALO ALTO, Calif. (AP) - Nanosolar Inc., a developer of solar power technology, said Wednesday it raised more than $75 million in new funding and plans to build what it says will be the world's largest solar cell factory.
The Palo Alto-based company said its latest round of financing brings its total cash position to more than $100 million, including recently secured government subsidies.
The company said it plans to use the money to begin large-scale production of its photovoltaic solar power technology. Nanosolar plans to build a factory in the San Francisco Bay area with the capacity to produce 200 million solar cells each year, with the capacity to produce 430 megawatts of electricity.
The company also plans to build an assembly plant in Berlin that could produce more than 1 million solar panels annually.
Founded in 2002, Nanosolar's investors include Benchmark Capital, Capricorn Management, MDV-Mohr Davidow Ventures, Onpoint, SAC Capital and GLG Partners.