ET Solar Gets $19 Million in Funding

Filed in archive Private Equity on April 18, 2008

Nanjing-based ET Solar has come up with $19 million as part of a "Series A redeemable convertible preferred share placement," According to Clean Edge News.

ET Solar is an integrated manufacturer of photovoltaic products including ingot, wafer, module, and state-of-the-art dual-axis tracking systems with manufacturing facilities located in Taizhou, China. The investment was led by Tsing Capital's China Environment Fund.

ET Solar's chairman, Xinghua Wang, said in a press release that, "As a vertically integrated solar company that focuses on the downstream part of the value chain, ET Solar is well positioned to capture the exponential growth of the solar industry and represents a very attractive investment opportunity to the investors."

ET Solar hasn't said how it will use the money. ET Solar's technology is expected to "light up the beach-volleyball courts at the Olympics in China this year,", according to one source.

The China Environment Fund is the first and most prominent VC fund in China that is fully dedicated to cleantech investment.


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