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WebEx Founder Backs Chint Solar, Contributes to $50M Round

05/30/2009 05:12 am ET | Updated May 25, 2011

Chint Solar has raised $50 million from investors including the founder of WebEx Communications, which went public in 2000 and was bought by Cisco Systems for $3.2 billion in 2007. Chint Solar, based in Hangzhou, China, lined up the financing from investors including Cybernaut Growth Fund and Shanghai Alliance Investment. Cybernaut's founder Min Zhu co-founded web-conferencing software developer WebEx, but resigned from WebEx in 2005 and moved back to China. On Cybernaut's website, Zhu described himself as a someone who has gone from being a "Chinese farmer to a Silicon Valley hero". Chint Solar appeared to have been founded under the name Astronergy, which started operating in 2006 to produce crystalline silicon solar cells and panels, according to the company's website. This is a second-generation technology that can produce better performing panels than the first-generation technology, which involves depositing just one layer of amorphous silicon on glass. 1

Chint Solar, one of the major players in the country's cleantech sector, has landed a rare $50 million in first-round financing despite the inhospitable economic climate, reports peHub. The company says that using these materials in tandem could also drop the price of operating solar installations to below $2 per watt. 2

  1. WebEx Founder Backs Chint Solar, Contributes to $50M Round (Greentechmedia)
  2. Chint Solar Nabs $50M, Aims to Slash Solar Cell Prices (VentureBeat-CleanTech)

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