Thin-film solar maker Ascentool looks to raise $20M
Reacting to the growing popularity of thin-film solar equipment, Milpitas, Calif.-based Ascentool has set out to raise a new round of funding targeted at $20 million, reports Dow Jones VentureWire. The company will use the money to expand its toehold in Shanghai, where it hopes to start manufacturing equipment that will be used to make thin-film solar modules.
So far, the company is fairly stealthy. It previously raised under $5 million from its founders and several angel investors. It has also received nearly $10 million in subsidies from the local government in Shanghai in exchange for equity, VentureWire reports.
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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.
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