Prism Solar looks to raise ambitious $150M for solar hologram plant

Prism Solar Technologies, maker of concentrating solar film that is said to up the efficiency and cut the cost of solar panel installations, has launched its second round of funding — hoping to bring in at least $150 million to finance the restoration of an old New York factory into a manufacturing facility, reports VentureWire.

The company acquired the 6.5-acre site for $3.75 million. Based in Highland, N.Y., it includes 93,000 square feet of plant space, with the potential to produce 60 megawatts of solar cells every year, and 1,000 megawatts of film to sell to cell manufacturers. Prism will also inherit a functioning machine shop, a wet lab, built-in security systems and specialty optical and glass-cleaning equipment from the building’s previous owner, PLASMACO. It says the new facility should create between 200 and 400 jobs in the next five years.

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But the necessary conversion won’t be possible without additional funding — something that’s hard to come by for many solar firms, like Ausra and Optisolar, that have had to scale back their plant-building ambitions due to the downturn. Prism might have a slight advantage because its technology saves money, a key feature of many cleantech startups that successfully raise capital these days. The transparent holograms the company produces are much cheaper than typical solar cells and can be used to replace actual cells in panels while still producing the same wattage. The company claims that its holograms could reduce the number of expensive cells needed for panels by 85 percent.

Big solar firms in Silicon Valley get the lion’s share of attention, but Prism Solar has motored along fairly steadily. Based outside the fray in Lake Katrine, N.Y., it’s emphasis on low-cost holographic film separates it from the pack of solar competitors. In short, the holographic film — trapped between two layers of glass — redirects sunlight to the actual cells, keeping them working constantly at top efficiency. In addition to cutting costs, this system would also reduce panel maker’s dependence on pricey silicon resources.

Prism is already producing its holographic film in Tucson, Ariz., but only on a very small scale. It’s also just coming off an undisclosed bridge round of funding. It previously raised $10 million from IB2F Venture Capital, Phoenix-Fire, CounterPoint Ventures and several individual investors, not counting $500,000 in Grants from New York State’s Energy Research and Development Authority and $1 million in federal funding.