US thin-film solar cell manufacturer Nanosolar yesterday secured $50m (£25m) in funding from EDF's alternative energy arm EDF Energies Nouvelles as part of a deal that will also see the company supply the energy giant with solar panels from next year.
Nanosolar specialises in Copper-Indium-Gallium-Selenide thin-film solar cells that are manufactured using a printing deposition that the company claims is far more cost effective than traditional silicon solar cell manufacturing methods.
The company – which raised $100m in funding back in 2006 and counts Google founders Sergey Brin and Larry Page among its investors – launched its solar panels late last year amid claims they represent the world's lowest-cost solar panel.
The company claims that once production economies of scale are exploited, it will be able to sell the panels profitably for as little as 99 cents per Watt, allowing it to ultimately compete on cost with coal power.
EDF Energies Nouvelles said in a statement that the relatively low production costs enjoyed by Nanosolar meant it had secured the supply contract "at competitive prices", adding that it would use the new panels to expand its presence in North America.
The company added that the $50m of fresh investment would now be used by Nanosolar to further ramp up its production capacity.
The news comes a week after EDF Energies Nouvelles underlined its commitment towards expanding its solar energy portfolio in Europe, announcing that it has increased its order for 230MW of photovoltaic solar panels from US firm First Solar to 290MW.
The company said the panels would be used to build ground-based photovoltaic plants in Europe, with a particular focus on locations in France, adding that the increased order would help it meet its target of building 400MWp in photovoltaic power plants by 2011.
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