By Austin Business Journal

Round Rock-based AstroWatt Inc. has received $2.5 million of a planned $5.1 million round of financing.

The solar developer, which was founded in 2006, received the funding from two investors, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

Company investors have included Austin Ventures and California-based New Enterprise Associates. CEO Dharmesh Jawarani previously worked at Motorola Inc. (NYSE: MOT), Freescale Semiconductor Inc. and New Hampshire-based AmberWave Systems Corp. Before AstroWatt, he was vice president of business development for the solar cell division of India-based SemIndia Systems Pvt Ltd., according to his online profile.

AstroWatt officials are using their expertise in semiconductor research and development and manufacturing to develop reliable solar cells and panels.

⿿We are developing a proprietary process technology that will use a fraction of the silicon that is currently used for making crystalline silicon solar cells,⿝ according to the company website.

Copyright 2010 American City Business Journals
Copyright 2010