HelioVolt

About HelioVolt

HelioVolt Corporation was an Austin, Texas-based solar energy firm established in 2001 to pioneer a novel approach to photovoltaic (PV) manufacturing. The company was the brainchild of Dr. B.J. Stanbery, a respected expert in the materials science of copper indium gallium selenide (CIGS) and related compound semiconductors. Drawing from his prior experience managing Boeing's terrestrial PV program, where he was involved in developing high-efficiency PV for spacecraft, Stanbery founded HelioVolt to commercialize his proprietary FASST® (Field Assisted Simultaneous Synthesis and Transfer) process. This semiconductor printing technique was designed to apply CIGS thin-film photovoltaics directly onto various construction materials, aiming to create a new generation of cost-effective and high-efficiency solar modules.

The company's business model focused on manufacturing and selling these thin-film solar modules for a range of applications, including commercial rooftops, utility-scale ground-mounted arrays, and building-integrated photovoltaics (BIPV). HelioVolt's value proposition was centered on its FASST® process, which promised a faster and more scalable manufacturing method compared to traditional vacuum-based deposition techniques. The technology initially showed promise, achieving certified cell conversion efficiencies of 12.2 percent and winning several technology and innovation awards. However, the manufacturing process ultimately proved flawed and could not be economically scaled to compete in the marketplace.

HelioVolt attracted significant investment, raising over $230 million across multiple funding rounds from a syndicate of prominent investors including New Enterprise Associates, Paladin Capital Group, Morgan Stanley, and a substantial strategic investment from South Korea's SK Group. Despite the substantial capital infusion and technical milestones, the company struggled to transition from research and development to mass production and failed to ship any commercial products of consequence. In February 2014, following the withdrawal of its strategic partner SK Group, HelioVolt suspended its manufacturing operations and sought strategic alternatives. The company ultimately ceased operations, and its assets were auctioned off in January 2015, marking the end of its thirteen-year journey.