JinkoSolar takes $35M despite tight silicon supply
While solar companies seem to be above the economic fray these days, the silicon supply that keeps many of them in business is not. The shortage (which began around 2004) isn’t as bad as it used to be, but investors funding photovoltaic manufacturers still see it as somewhat of a gamble. Their most recent bet: Chinese silicon wafer maker JinkoSolar, which says it already has long-term silicon supply contracts in the bag. The company nabbed $35 million in second-round funding from Israel Value Capital, Shenzhen Capital Group Co., Pitango Venture Capital and the city of Shangrao, China, where the company is headquartered.
JinkoSolar’s specialty is the conversion of raw silicon into solar ingots, which can then be processed into solar cells. Investors have also taken a chance on its competitors, including Confluence Solar Inc. The Hazelwood, Mo. company just raised $12.7 million in first-round funding from Convexa Capital and Scatec Adventure AS among others.
Next Story: Omniture acquires Mercado assets for $6.5M
Previous Story: Apple revamps the MacBook line: Sleeker, sexier, slightly more expensive
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.