Nanosolar Inc. announced that it has raised $70 million in new capital. The financing will be used to expand production of thin film solar cells and panels, support research and development designed to deliver greater efficiency, and drive faster commercialization of the company’s solar technology. The over-subscribed round was funded by current and new investors, including OnPoint Technologies, Inc., Mohr Davidow Ventures, and Ohana Holdings LLC, and international Family Offices.

By printing CIGS inks on low-cost aluminum foil, Nanosolar is utilizing its proprietary high-throughput roll-to-roll printable semiconductor technology to enable the world’s lowest-cost thin-film solar panels. This approach minimizes the use of expensive, high vacuum manufacturing equipment, and enables Nanosolar solar cells and panels to reach efficiencies competitive with crystalline silicon panels. Nanosolar currently has manufacturing capacity in excess of 100 MW, with committed deliveries to multiple international customers in the 2 to 11 MW range. The company has achieved lab-tested top cell efficiency of 17.1 percent as certified by the National Renewable Energy Laboratory (NREL).