Photovoltaic cell co B-Solar raises $3 million

Cleantech coB-Solar has completed its first fund raising round from Genesis Partners. The start-up raised $3 million. B-Solar has also raised an undisclosed sum from investment angel Gidi Barak. Following the investment Genesis partners Dr. Eyal Kishon and Gary Gannot will join B-Solar's board of directors.

B-Solar, which was founded in December 2007, has developed unique photovoltaic cells that the company claims are 15-20% more efficient than existing cells. B-Solar says that this means electricity can be produced from photovoltaic energy at significantly lower costs.

The company plans setting up a factory in 2010 for the production of its photovoltaic cells. In the first stage the factory will produce 70 megawatts of cells per year.

Published by Globes [online], Israel business news - www.globes-online.com - on May 5, 2009