Stion is currently housed in 11,000 sf at 3603 Haven Avenue. Its new space is at 6321 San Ignacio Ave., a building that was previously owned and occupied by IBM and is now owned by publicly held Mission West Properties of Cupertino. A Stion official was not immediately available Monday for comment.
Sherry Gubera, one of two Cornish & Carey brokers who represented Stion, tells GlobeSt.com that Stion took the one-story building "as is" and is now having a third party build out the space. The lease commences in June, when the space is expected to be ready for full occupancy, says Gubera, who worked on the deal with fellow C&C broker Jay Phillips.
Gubera declined to confirm the negotiated lease rate, which one local source tells GlobeSt.com starts at approximately $0.70 per sf, triple net, but did acknowledge that the lease rate was "below market." The asking rate for comparable space in the area is typically just under $1 per sf, she says.
As incentive to move to San Jose, the city's Redevelopment Agency Board will provide $700,000 to Stion for the purchase of manufacturing equipment. In addition, the city's economic development office is working with Stion to secure State Employment Training Panel Funds to help support Stion's work force training needs.
Founded in June 2006, Stion is developing higher efficiency thin-film modules. Its goal is to minimize the total installed cost of solar electricity by reducing panel costs and other related system costs, both of which are area-dependent and decrease as the product becomes more efficient. The company, which currently has 35 employees, raised a $15-million Series B financing in June 2007 to accelerate its product development.
Incentives provided by the City of San Jose have helped lure three solar technology companies into the city. The city attracted SoloPower from Milpitas in November 2007 and Nanosolar from Palo Alto in January 2007.
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