Solar-panel maker MiaSole has raised $55 million in venture capital to help it ramp-up production and sales.

MiaSole is based in Santa Clara, California, where it makes next-generation solar thin-film panels using copper, indium, gallium and selenium instead of silicon, making them much cheaper to manufacture.

The latest funding round included VantagePoint Capital Partners, Kleiner Perkins Caufield & Byers, Bessemer Venture Partners, Firelake Capital Management and Passport Capital.

As the heat has left the IPO market for renewable energy companies, MiaSole is more likely to be sold to a larger company than listed.

Solar-panel maker SunPower, of San Jose, California, got a major boost after French oil major Total S.A. bought two-thirds of the company last year.

MiaSole is now looking for $100 million to $300 million to scale up production and expand globally. The company is looking to expand in the U.S., India, Europe, the Middle East and Africa. The company currently has customers in the U.S., Germany, India and Saudi Arabia.