Silicon Valley Solar acquires NuEdison

SANTA CLARA, Calif., June 19 (UPI) -- Silicon Valley Solar announced it secured $10.2 million and completed its acquisition of NuEdison.

The California-based manufacturer of flat plate internal concentrator solar modules completed its Series A funding round totaling $10.2 million with the lead investor Bessemer Venture Partners.

"BVP is an outstanding partner to provide the necessary capital for the next major step in SV Solar's development as a company," said Pat Callinan, chief executive officer of SV Solar. "In addition to their long track record of growing successful companies, they have an up-to-date focus on Cleantech providing an invaluable network of contacts and market specific expertise.

"Now with the acquisition of NuEdison ... we've significantly enhanced our capability to provide compelling solutions to the market that achieve new levels of price performance."

SV Solar has established a broad network of business relationships that include a 10 megawatt purchase order from Pacific Power Management, a contract manufacturing agreement with GSS, a cell sourcing agreement with ErSol and a collaboration agreement with Conergy.

The Series A funding will be used for the process development, equipment, materials and staffing required to mature the company's Sol-X technology to commercial form.

"I'm very excited about the opportunity to join SV Solar," said Joe Lichy, President and founder of NuEdison. "We have very complementary technologies and resources, and it was clear to me that together we could build better products at lower cost. My discussions with Pat and the rest of the leadership team convinced me that this would be a powerful, synergistic combination."