Birchmere Ventures invests in Solexant (Pittsburgh)

Birchmere Ventures has invested in Solexant Corp., a San Jose, Calif., company. It is the North-Side venture capital firm’s third cleantech deal in the past four years, and Birchmere says it expects to do more such transactions.

Solexant developed thin film technologies that dramatically increase solar cell efficiency and reduce manufacturing costs, enabling commercialization of solar modules that generate electricity.

The company has announced plans to build an Oregon manufacturing plant.

Ned Renzi, Birchmere partner and leader of its cleantech practice, would not disclose the size of its investment in Solexant, whose round raised $41.5 million, or how much it has spent to date in the sector.

Cleantech refers to renewable energy such as wind power, solar power and hydropower, all with smaller environmental footprints than traditional fossil-based sources.

“Solexant has proprietary technology that will allow them to have the lowest cost in the industry,” Renzi said.

Birchmere also has invested in Miasole, based in Santa Clara, Calif., but the trend started with it leading O’Hara-based Plextronics’ 2006 series A financing round.

Renzi expects to see more local investment opportunities in cleantech.

Read the full story in the Pittsburgh Business Times.