Interesting and exciting development. One can only hope that policy makers in and near the Toronto region and Ontario (even Canada) will institute innovative/creative policies that will produce a fertile market for solar/renewable energy investment. It is examples such as this that give us hope.
Originally posted on Gigaom:
Thin film solar startup Stion has both raised a new round of $25 million in funding, but also laid off some engineers and operations employees. According to a filing Stion has been looking to raise a $55 million round, and has closed on $25 million of that. Funding for solar manufacturing startups is rare in an age when large and small solar makers are going bankrupt due to an oversupply of low cost solar panels.
However, DowJones Venture Wire reports that in conjunction with the funding, Stion let go a “small number of people.” Cost cutting, to survive and scale, in the difficult solar market is an ongoing trend in 2012, no matter how big or small the company is.
Stion, founded in 2006, started commercial shipments of its thin film solar panels earlier this year. Stion spokesperson Frank Yang said in an email that with the $25 million in funding, Stion’s total equity funding is around $240 million.