MiaSolé finds a buyer

MiaSolé, a Santa Clara solar start-up that makes thin-film photovoltaic solar panels, has been sold to Hanergy Holding for roughly $30 million. The Beijing-based company is the largest non-state-owned provider of renewable power in China.

The news was first reported by David Baker of the San Francisco Chronicle (nice scoop, David!); a source close to the company confirmed the deal Saturday. MiaSolé will continue to operate as a subsidiary of Hanergy.

In March, MiaSolé announced it had raised another $55 million to “drive its next wave of growth.” The fact that it sold for less than half that amount means that investors took quite a hit. In August, the company signaled that it was looking for a strategic partner. The fact that the partner is based in China isn’t a big surprise.

The company’s board of directors includes several of Silicon Valley’s clean tech heavyweights: John Doerr of Kleiner Perkins Caufield & Byers, Stephan Dolezalek of VantagePoint Venture Partners, and Martin Lagod of Firelake Capital. SiliconBeat saw Lagod this week at REFF West, where he said that “making solar panels is not a big job creator.” http://www.mercurynews.com/business/ci_21646526/call-end-clean-energys-politicization. 

 

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  • I don’t believe that Hanergy is making an entry into the thin-film solar modules business, although Miasole is a strong player in CIGS modules. Miasole is not the price leader. Hanergy gets a foothold in the US, and connections in the solar supply chain.

 
 
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