Sun shines on Nanosolar

Solar power technology company

has announced that it has received $100 million in funding to take its photovoltaic (PV) solar electricity technology into volume production. The funds will be used to build a factory in

that will produce 200 million solar cells per year.

"This will allow us to further expand our leadership position in solar power innovation," said Martin Roscheisen, CEO of Nanosolar. "We are looking forward to working with our new investors and partners, who have very successful track records in clean energy, to lead the industry on a path of rapidly more cost-efficient solar electricity."

"Coal-fired power plants are one of the biggest drivers of global warming," said Jeff Skoll, an investor whose foundation supports clean energy. "As we shift towards a future where the risks of global warming are recognised as both unsustainable and immoral, a company like Nanosolar can help us keep power affordable."