Riyadh Valley Company, the VC investment arm of King Saud University of Saudi Arabia, has acquired stake at Solexel, a US-based producer of high-performance solar PV technology in a $70 million round.
Solexel which is based in California, has developed the world’s highest-performance thin wafer silicon solar PV modules. It is backed by venture investors including Kleiner Perkins Caufield and Byers and DAG Ventures as well as GAF, the largest roofing materials manufacturer in North America. Established to help transform Saudi Arabia’s oil-based economy into a more diversified knowledge-based economy, Riyadh Valley Company is one of the Kingdom’s largest initiatives, developed to help adopt innovation culture and foster entrepreneurship.
Riyadh Valley Company is listed in the Middle East Investors Directory with the code SIJ54.
More details follows: