Nanosolar
| Company type | Private |
|---|---|
| Industry | Solar energy |
| Founded | 2002 |
| Founder | Martin Roscheisen, Brian Sager |
| Defunct | August 2013 |
| Fate | Ceased operations; manufacturing assets auctioned |
| Headquarters | San Jose , United States |
Area served | Worldwide |
Key people | Eugenia Corrales (CEO), Dave Jackrel, John McAdoo, Stephan Hansen (EVP Worldwide Sales), Roy Shaw (Head North America Sales), Stefan Zschiegner (VP Worldwide Marketing), Karl Steigele (President & COO) |
| Products | Thin-film CIGS solar panels |
Number of employees | Reduced by 75% by early 2013 |
Nanosolar was a developer of solar power technologies headquartered in San Jose, California. Established in 2002 by Martin Roscheisen and Brian Sager, the firm introduced an innovative, cost-efficient printable manufacturing technique for solar cell production. In December 2007, it began marketing thin-film CIGS panels, aiming for a price point of 99 cents per watt—well below prevailing market prices. Nevertheless, the swift reduction in crystalline silicon solar panel costs diminished Nanosolar's competitive pricing edge.
By 2007, Nanosolar had generated revenues amounting to US$3.1 million but encountered challenges in scaling its manufacturing operations. The executive team featured CEO Eugenia Corrales alongside senior leaders such as Dave Jackrel and John McAdoo. Despite securing over $400 million in investment funding, the company manufactured under 50 MW of solar capacity before financial struggles necessitated significant staff cutbacks—resulting in a 75% reduction of its workforce by early 2013.
In August 2013, Nanosolar liquidated its manufacturing assets through auction as it ceased operations. Co-founder Martin Roscheisen admitted on his blog that the company "ultimately failed commercially," attributing the outcome to protracted development timelines, intricate production hurdles, and intense competition from cost-effective Chinese solar manufacturers. This case underscores the inherent risks present within the rapidly evolving solar market and its competitive landscape.
Financial backers and manufacturing
Founded in 2002 with headquarters in San Jose, California, Nanosolar attracted substantial capital from prominent technology investors including Benchmark Capital, Mohr Davidow Ventures, and Google co-founders Larry Page and Sergey Brin. The company secured $100 million in venture capital during Q2 2006—the largest amount raised by any U.S. tech firm that quarter—and followed with $300 million in Q1 2008, marking the highest private fundraising round for that year.
Nanosolar envisioned large-scale manufacturing plants located in San Jose and Luckenwalde, Germany, targeting an annual production capacity of 430 megawatts. German energy companies and venture capitalists invested heavily, encouraged by robust solar subsidies.
On December 12, 2007, the company announced commencement of thin-film solar cell production at its San Jose facility, with plans for the German plant to start operations in early 2008. At full capacity, the San Jose factory was expected to produce 430 megawatts annually.
By December 18, 2007, Nanosolar had delivered its inaugural panels for a one-megawatt municipal power project in Germany.
On February 17, 2012, Nanosolar reported reaching a production output of 115 MW and obtained an additional $20 million investment aimed at scaling manufacturing further. It also declared a Thin-Film Solar Aperture Efficiency of 17.1%, validated by NREL. This production level represented just over one-quarter of the initially planned 430 megawatts.
Management
On January 19, 2012, Eugenia Corrales—previously Executive Vice President of Engineering & Operations—was appointed CEO following Geoff Tate’s retirement. Tate had led the company as CEO since March 2010, bringing expertise from guiding firms into mass production phases, notably during his tenure at Rambus. He succeeded co-founder Martin Roscheisen, who had served as Chairman & CEO for eight years; no explanation was provided regarding Roscheisen’s departure.
On June 25, 2012, Nanosolar strengthened its sales and marketing division by appointing Stephan Hansen as EVP of Worldwide Sales, Roy Shaw as Head of North America Sales, and Stefan Zschiegner as VP of Worldwide Marketing. Hansen previously managed European sales at First Solar; Shaw contributed over two decades of solar industry sales experience from roles at Jinko Solar and Suntech Solar Corp.; Zschiegner joined from First Solar with expertise in global product management and emerging markets.
On September 11, 2012, Karl Steigele was named President & COO after Corrales left the company. Steigele brought more than three decades of global management experience from IBM and had collaborated with Fortune 500 manufacturers such as Intel, Siemens, and Sony.
Technology
Nanosolar employed thin-film methodologies to produce Copper Indium Gallium Selenide (CIGS) photovoltaic cells, achieving laboratory-tested efficiencies reaching as high as 19.9%. Their unique printing technique utilized a semiconductor ink that facilitated swift and economical manufacturing on flexible substrates, minimizing material waste in comparison to conventional vacuum deposition technologies.
Independent validation by NREL confirmed efficiency improvements in their solar cells, rising from 14.6% in 2006 to 17.1% by 2011. Initial production panels demonstrated efficiencies around 8-9%, with goals set to attain 10-11% efficiency for IEC certification by the end of 2010.
In September 2009, Nanosolar declared an annual production capacity of 640 MW; nonetheless, actual manufacturing scaled gradually, producing approximately 4 MW during that year. The company prioritized delivering panels for multi-megawatt installations to establish credibility and operational track records by 2011.
The company’s business strategy capitalized on patented nanostructured materials and nanoparticle inks that enabled the printing of semiconductors along with advanced barrier films. This technological advancement offered advantages in manufacturing speed, consistency, and lower substrate expenses relative to stainless steel options.
Their flexible and lightweight solar cells were engineered to balance efficiency, cost-effectiveness, and resilience—facilitating straightforward installation. Early pricing forecasts estimated costs at between one-fifth and one-tenth of typical industry rates per kilowatt; however, subsequent market dynamics caused significant price reductions beyond these initial predictions.
Nanosolar backed its products with a 25-year warranty supported by research validating module longevity consistent with industry benchmarks, thereby strengthening its market trustworthiness and appeal for long-term customer commitments.
See also
- Articles with short description
- Solar energy companies of the United States
- Thin-film cell manufacturers
- Technology companies based in the San Francisco Bay Area
- Energy companies established in 2002
- Renewable resource companies established in 2002
- American companies disestablished in 2013
- Manufacturing companies based in San Jose, California
- Defunct manufacturing companies based in the San Francisco Bay Area
- American companies established in 2002
- Renewable resource companies disestablished in 2013
- 2002 establishments in California
- 2013 disestablishments in California
- 5
- Companies of the United States by year of establishment