Originally posted on Gigaom:
And the trend of Chinese companies buying up struggling green tech startups on the cheap continues. This weekend it was revealed that Chinese renewable power company Hanergy will buy up thin film solar startup Miasole, for a paltry $30 million.
Miasole had raised at least $500 million dollars to try to scale up its manufacturing, but investors will likely got nothing in the deal, despite their years of investment (though Miasole’s execs will get multi-million dollar bonuses). Miasole’s investors include Kleiner Perkins, VantagePoint Venture Partners, Bessemer Venture Partners, Firelake Capital and Passport Capital.
Miasole still needed more funding to scale up its manufacturing, and was desperate for a white knight to rescue it from oblivion. Those types of desperate circumstances make greentech startups, with potentially promising technologies, easy pickings for Chinese companies with large balance sheets.