New Mexico economic development officials recently announced a major investment in Advent Solar, a worldwide leader in the development of advanced technology solar cells and modules. New Mexico’s commitment is part of a new investment round that will secure more than $70 million in series D funding to allow Advent Solar to expand and meet strong customer demand.
“Today marks another important milestone for a New Mexico company leading the way to provide clean, sustainable energy around the globe, while also creating hundreds of high wage jobs for New Mexicans,” said Governor Richardson. “New Mexico is blazing a trail in clean energy policy, getting in on the ground floor of a growing industry, and investing in home-grown companies like Advent.”
The state’s $10 million commitment to Advent comes via the New Mexico State Investment Council (SIC), which manages the state’s $15.5 billion permanent funds. The SIC makes venture capital investments in New Mexico companies through its New Mexico Private Equity Investment Program (NMPEIP), managed by Sun Mountain Capital of Santa Fe.
Over the life of the program, NMPEIP has invested in 41 New Mexico companies, which have created more than two thousand jobs and spent more than $194 million in New Mexico annually.
Advent Solar is expected to hire up to 1,000 employees in the next few years as it ramps up and expands production at its photovoltaic research, production and manufacturing plant, which opened at Mesa Del Sol in Bernalillo County earlier this year.
“The state of New Mexico has prudently supported the growth of Advent over the years,” said Rusty Schmit, president and CEO of Advent Solar. “Both Governor Richardson and the State Investment Council have demonstrated their commitment to Advent, including participation in this current round of funding. This has directly led to the creation of nearly 200 jobs with more expected next year as the company expands.”
Advent’s exclusive cell technology was developed at Sandia National Laboratories and is the basis for its high-performance products, a class of solar cells referred to as back-contact cells. This unique technology brings the potential to dramatically lower costs compared to conventional solar photovoltaic panels.
“Venture investments like this play a vital role in the state’s portfolio, and when we can find top flight companies like Advent in our own backyard, it’s a double win for all New Mexicans,” said State Investment Officer Gary Bland.
The state, which also invested in Advent’s $30 million round in November 2005, was joined in the funding by several prominent technology and venture firms. Ziff Brothers Investments led the round, and was joined by Battery Ventures, Globespan Capital Partners, EnerTech Capital Partners, @Ventures, and New Mexico Co-Investment Partners. Over its B, C and D investment rounds, New Mexico has invested more than $17 million in Advent.
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