VC Rumor Mill: Skyline Solar Funding and More

I’m still chasing down confirmation on these items, so take them with a grain of salt, and feel free to contact me if you know otherwise. (JavaScript must be enabled to view this email address)

1. Skyline Solar, a low-concentration PV firm using silicon helmed by Bob MacDonald (formerly of SolFocus) has reportedly closed a $25 million round from New Enterprise Associates. Word has it that despite jittery market conditions, there was a minor bidding war between NEA and another top tier VC firm.

Interestingly, NEA is a backer of SolFocus, a high-concentration PV firm as well as an investor in Solar Junction, a stealth startup fabricating III-V materials for CPV. This leaves NEA rather exposed in the zero billion-dollar CPV market. Calls and emails to the company and NEA were not returned.

2. On the subject of SolFocus, investment banker and VC sources tell me that they are meeting with limited success in closing their next round. And that’s not good news for the large head count, high burn-rate HCPV firm. SolFocus has done a lot of things right as they try to enter and help create the CPV market but they need cash to keep it going. A few months ago they claimed they would soon close a $60 to $80 million round.

3. Lastly, the Tesla news keeps on coming. After the company's recent product delays and boardroom carnage it is said that Elon Musk, the visionary now-CEO and backer of the firm is going to have to add a considerable amount ($35 million) of his personal fortune to keep the company going. This is in addition to the approximately $50 million of his own cash he’s already contributed.