NanoGram raises $32 million for solar development

NanoGram Corporation, a leading developer and licensor of core process technology for the manufacture of unique nanostructured materials for optical, electronic and energy applications, today announced that it has closed on a third equity round of $32M to date to expand its solar technology and nanomaterials solutions businesses.

In addition to follow-on investments from existing investors ATA Ventures, Bay Partners, Harris & Harris, Institutional Venture Partners, Nth Power, Rockport Capital Partners, SBV Venture Partners, and Technology Partners, NanoGram adds Global Cleantech Capital, Masdar Clean Tech Fund, Mitsui Ventures, Nagase & Co., Nanostart AG, TEL Venture Capital, and Yasuda Enterprise Development as new investors.

The new funding will be used to accelerate development of NanoGram’s proprietary silicon solar technology and its advanced nanomaterials solutions for flat panel displays, solid state lighting, lithium-ion batteries, and printed electronics.

"NanoGram is an agile company creating new market opportunities by understanding the needs of our customers and partners," said NanoGram President and CEO Dr. Kieran Drain. "Our expansion into the solar market and strong customer interest in our core nanomaterials solutions proves our technology has the potential to generate game-changing products. These new funds allow us to increase momentum."

Ira Ehrenpreis, General Partner at Technology Partners, concurs stating, “NanoGram has already seen the successful spinouts of NeoPhotonics and NanoGram Devices, and is now pursuing additional exciting Cleantech opportunities in new large markets with their energy and advanced materials technologies. Managed by seasoned executives, the company continues to execute towards their vision of being a leading provider of nano-enabled materials solutions to their customers and partners.”

“The application of NanoGram’s nanomaterials solution to the solar sector opens up an extremely exciting frontier in the development of cost-effective solar technology,” remarked Alex O’Cinneide, Partner at the Masdar Clean Tech Fund, a part of the Government of Abu Dhabi’s multi-billion dollar initiative in advanced energy technologies and sustainable development. “We believe that this application combined with the deep experience of their management team and their clearly articulated market strategy will achieve both near term successes and deliver on long term potential. Given the enormous promise of their technology, we are more than pleased to have a technology leader such as NanoGram in our portfolio.”

source: businesswire.com