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German solar products startup Odersun AG on Monday secured $90 million in new funding, which the company will use to build another factory. The Frankfurt-based Odersun said in a statement Monday that it received $59 million via a Series B financing round and an additional ยค21 million in grants from the federal state of Brandenburg. The financing was led by U.S. and U.K.-based Virgin Green Fund, which was joined by new investors PCG Clean Energy & Technology Fund of the U.S. and Paris-based AGF Private Equity, a subsidiary of German insurer Allianz SE. Existing investors Doughty Hanson Technology Ventures of London and Beijing-based Advanced Technology & Materials Co. Ltd. also participated. Korinna Penndorf, an Odersun representative, declined to give a post round valuation for the company, or identify Odersun's advisers. The German startup, founded in 2002, designs solar products using patented thin-film technology. The company uses the technology to produce low-cost solar cells that can be assembled into solar modules in flexible or glass packaging. Odersun CEO Ramin Lavae Mokhtari said Monday that the modules can be produced in any size or power, based on the individual design and the packaging requirements of customers. "First we needed to show that technology worked, because it was in development since the middle of the 1990's," Penndorf said. "We have a development process and now we can upscale the business and [grow] the capacity and build more factories." Before the new financing, Odersun had received $12.5 million in funding from Doughty Hanson and AT&M, with the state of Brandenburg providing $5.2 million in financial aid. Odersun used the first round of funding to build Sun One, which produces copper-tape-based thin-film solar cells. The new plant, Sun Two, will have six times the capacity, according to the company. Penndorf declined to comment on when Odersun might be cash flow positive but said that the company's tills are full for the moment. "We are not considering a round of financing currently," Penndorf said, "but that might change."  Deal Video
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