Nanosolar Secures $6.5 Million in First-Round Financing

ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.

SUBSCRIBE/UNSUBSCRIBE |

Conservation & Wildlife

Corporate Responsibility

Science & Technology

Syndication Partners

**************************************************************************

E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE

**************************************************************************

FOR IMMEDIATE RELEASE

Nanosolar Secures $6.5 Million in First-Round Financing

USVP and Benchmark Capital lead Series A Round in Technology Leader

in Next-Generation Solar Electricity Cells

CALIFORNIA, PALO ALTO, Jun. 20 -/E-Wire/-- Nanosolar, Inc., a technology leader in easy-to-handle, very-low-cost solar electricity cells, today announced that it closed $5 million in Series A funding and $1.5 million in venture lease financing earlier this year. Led by U.S. Venture Partners (USVP) and Benchmark Capital, the Series A round also included Stanford University and prominent individual investors. In addition, Nanosolar secured an equipment lease financing from Western Technology Investment. The company plans to use the funds to develop its product and establish key supplier, manufacturing, and distribution partnerships. As part of the funding, Bill Gurley of Benchmark Capital and Arati Prabhakar of USVP have joined Nanosolar's board of directors.

Founded in October 2001, Nanosolar's breakthrough technology leverages more than 15 years of advanced research and development on self-assembling nanostructures and organic photovoltaics. This technology, originally developed and licensed from the U.S. Department of Energy's Sandia National Laboratories, allows Nanosolar to optimize organic photovoltaics at the very length scale at which the relevant quantum physics occurs. The company's team has attracted world-class experience from all relevant areas of expertise, spanning optoelectronics, surface chemistry, materials science, as well as web coating. Nanosolar also enjoys close collaborations with eminent research and development partners, including Stanford University's Department of Materials Science and the Sandia National Laboratories, which are also equity stakeholders and intellectual property licensing partners.

"We are delighted to receive financing from blue-chip investors such as U.S. Venture Partners and Benchmark Capital," said Martin Roscheisen, Ph.D., co-founder and chief executive of Nanosolar, Inc. "Our ability to raise capital in today's funding environment is a strong validation of our core technology, execution capability, and prospects for future growth."

According to Bill Gurley, partner at Benchmark Capital, "The market for solar electricity has shown tremendous growth in recent years. Nanosolar has the team and technology with the potential to be first at achieving the kind of breakthrough solar-cell cost/performance that will have a meaningful impact on the $1 trillion global electricity market. The team at Benchmark Capital is committed to helping Nanosolar achieve this goal."

"We are pleased to be working with Nanosolar," said Arati Prabhakar, partner at U.S. Venture Partners. "The company's technology approach, intellectual property assets and top-notch team make this an attractive investment opportunity."

Nanosolar, Inc. is a technology leader in easy-to-handle, very-low-cost solar electricity cells. Founded in 2001, Nanosolar is privately held and based in Palo Alto, California. The company has received funding from premier investors including U.S. Venture Partners and Benchmark Capital. Nanosolar maintains close collaborations with distinguished research and developments partners including Stanford University and Sandia National Laboratories.

About U.S. Venture Partners

U.S. Venture Partners (USVP) is a venture capital firm dedicated to helping entrepreneurs build world-class companies that are leaders in their industries. Since its inception in 1981, USVP has raised more than $2.5 billion in eight funds, and has invested over $1.5 billion in more than 300 companies. USVP companies include such notable industry leaders as Sun Microsystems, AMCC, Check Point Software Technologies, Nuance Communications, MMC Networks, Centillium Communications, New Focus, Stratacom/Cisco, Xylan and CacheFlow in the information technology sectors, and Advanced Cardiovascular Systems, Applied Biosystems, CardioThoracic Systems, Cell Genesys, and Vical in the medical technology sectors.

About Benchmark Capital

Benchmark Capital is a leading venture capital firm with the mission of helping talented entrepreneurs build major technology enterprises focused on long-term growth. Benchmark's portfolio includes franchise companies such as Ariba, Broadbase Software, CacheFlow, Critical Path, eBay, Juniper Networks, Kana Communications, Northpoint Communications, and Red Hat Software.

Martin Roscheisen, Ph.D.

Chief Executive Officer

[REDACTED-EMAIL]

+1 (650) 565 8891 x 112

**************************************************************************

To Transmit Your News Over E-Wire, visit http://www.ewire.com or

call 1-[REDACTED-PHONE]. E-Wire Is Broadcast To Millions Of Readers Worldwide

**************************************************************************