Solar firm Silevo comes out of stealth with $33M

Silicon + evolution = Silevo.

Silevo Inc. is formally coming out of stealth mode on Wednesday, or a company's period of temporary secrecy, where it has been under cover since 2007. The Fremont-based company was formerly known as Sierra Solar Power and was founded by two former Applied Materials employees, CTO Jianming Fu and CEO Zheng Xu.

"It was born Sierra Solar Power, and we didn't really have any ties to the Sierras, even though they imply a green environment," said Chris Beitel, the company's vice president of business development and marketing regarding the name change.

The U.S. Delaware company decided, just before the Solar Power International 2011 trade show in Dallas this week, that it was ready to publicly announce what it has been hiding all these years, in an exclusive interview with the Silicon Valley/San Jose Business Journal.

It also recently raised $33 million in funding from China-based New Margin Ventures, along with existing investors China-based GSR Ventures, which invests in early and growth stage tech companies with substantial operations in China, and DT Capital Partners, which is based in China and has an office in Menlo Park.

Read more in the Silicon Valley/San Jose Business Journal.


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