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Seven Funds Known to Have Invested in Miasole's Latest Round

September 4, 2008
Source: New Energy Finance

Miasole, the California based thin-film solar company, has secured finance from at least seven major institutions this summer, in its latest venture capital round.

The company, which specialises in copper indium gallium selenide technology, declined to comment on its funding efforts. However several press reports have said that Miasole is hoping to raise in total some $200 million.

New Energy Finance has pieced together statements from a number of funds that have invested in Miasole recently. The only two to have announced the size of their investments have been Leaf Clean Energy, with $15 million, and ArcelorMittal's Clean Technology Venture Capital Fund, with $20 million.

However UK based hedge fund Ecofin Water & Power Opportunities said last month that it had made a "minority investment" in Miasole, along with Kleiner Perkins Caufield & Byers and Arcelor.

Ecofin declined to comment on the size of its investment, but it is likely to have been somewhere in the $10 million to $35 million range. It was not large enough to qualify for the list of the fund's 10 largest holdings, and these start at USD 35m.

When AIM-listed Leaf invested in Miasole in August, it said that it did so "along with investors including" VantagePoint Venture Partners and Passport Capital". It described this as a series E round and said: "The funding will assist Miasole to further develop its technology commercialisation efforts as well as augment its existing commercial manufacturing capacity."

When ArcelorMittal announced its $20 million commitment in Miasole on July 11, it named Kleiner, VantagePoint and Bessemer Venture Partners as co-investors.

Miasole is believed to have raised $50 million in a series D round last autumn.