MiaSole Gets $55 Million to Boost Efficiency, Reduce Solar Costs

MiaSole Inc., a closely held manufacturer of thin-film solar products, raised $55 million from investors to improve efficiency and reduce panel costs, said Chief Executive Officer John Carrington.

MiaSole is currently producing panels that convert 14 percent of the energy in sunlight into electricity and Carrington said he expects to increase that to 15 percent by the end of this year.

Higher efficiency will reduce the cost of its copper- indium-gallium-selenide panels to less than 80 cents a watt, Carrington said in an interview.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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