Friday, November 6, 2009

Advent Solar Acquired By Applied Materials

Albuquerque, New Mexico-based Advent Solar, a developer of technology for crystalline silicon (c-Si) photovoltaic cells, has been acquired by Silicon Valley's Applied Materials in a cash acquisition. Applied Materials announced the acquisition late Friday morning. No financial details of the acquisition were announced. Advent Solar was founded in 2002. Applied Materials said that the assets and intellectual property of Advent Solar will become part of its Energy and Environmental Solutions Group. Advent Solar had raised over $100M in funding from 5AM Ventures, @Ventures, Angels With Attitude, Battery Ventures, Enertech Capital Partners, Firelake Capital, Globespan Capital Partners, New Mexico Co-Investment Partners, Sun Mountain Capital, and ZBI Ventures. The firm was founded in 2002. Applied Materials did not say how the acquisition would affect Advent Solar's employment in New Mexico.