Suniva has licensed technology from Georgia Tech's University Center of Excellence in Photovoltaics (UCEP) to make very thin solar cells--less than 100 microns.

Using monocrystalline silicon, it said it can improve the efficiency of cells to about 20 percent, which is the high range of traditional panels. SunPower has a panel with 22 percent efficiency.

Its manufacturing process is efficient as well. The company told VentureBeat that a staff of 40 people could man its operations for round-the-clock production.

The venture round will be used to build a manufacturing facility in the Atlanta area, the company told the Atlanta Journal Constitution.

Solar technology companies, one of the hottest areas of green-technology investing, continue to attract the funding.

The surge in interest in solar power has pushed up the price of silicon, spurring investments in alternative materials and novel manufacturing techniques.