The Paper Battery Company isn’t making a battery out of paper; it’s doing something far more interesting.
When solar maker Solyndra files for bankruptcy it could lose a big chunk of its VC backers $1.1 billion (we’ll see how much any assets go for). That could make it the largest loss for venture capitalists in history.
It’s been a long year and a half since Cleantech Blog published its last Cleantech Blog Power 5 highlighting the top investors in cleantech. . . And the bottom five wild cards. Time for round two.
Turning battery breakthroughs into a sustainable business means requires a team to find the “killer application” for their particular technology, and figure out who’s willing to pay for it, says Maurice Gunderson, a senior partner for CMEA Capital’s Energy and Materials group.
At the ground-breaking of solar startup Solyndra’s second factory this morning, the company, which makes tube-shaped thin-film solar panels, detailed just how much more private equity it’s raised in order to secure the first Department of Energy loan guarantee: $198 million. On top of the more than $600 million the company raised previously, this brings the company’s total amount of private equity raised to somewhere around $800 million.
Holy smokes – that makes the company one of the most capitalized startups (in terms of private equity) that I’ve heard of. According to Dow Jones VentureSource there’s only one company that raised more than Solyndra has: fiber optic network company Western Integrated Networks (WINfirst), which raised $889 million in the broadband build-out era of the late 90’s. Hopefully Solyndra won’t go the way of that wayard telecom firm, which fell into bankruptcy and sold its assets for $12 million.
Read More about With Close to $800M, Solyndra Becomes One of the Most Capitalized Startups Ever