NuvoSun Inc., a closely held producer of thin-film solar cells, expanded its third funding round to $28.8 million with $10 million from Dow Chemical Co., the largest U.S. chemicals maker.
NuvoSun disclosed the financing today in a Securities and Exchange Commission filing, which didn’t include the participants. Chief Executive Officer David Pearce confirmed the investment in a telephone interview. Dow representatives did not return phone messages seeking additional comment.
Proceeds from the latest funding will be used “just for business operations,” Pearce said. NuvoSun last year opened a 40-megawatt production facility in Milpitas, California, using funds acquired in September 2010 from Dow and Pearce.
Any plans for adding overseas manufacturing plants are “on hold,” Pearce said. “It doesn’t really strike me as the best time to be adding capacity.”
Dow also invested in NuvoSun’s $5.9 million first funding round that closed in February 2010.