Morgan Solar has raised $16.5m in the first tranche of Series B funding, which it will put to use by stepping up the manufacturing and deployment of its concentrated photovoltaic (CPV) modules.
Iberdrola’s venture arm Inversiones Financieras Perseo and $1.1bn global contract manufacturer Nypro were returning participants in the round. They were joined by new investors including Floridian private investor The Frost Group.
Morgan Solar said in a statement it is in talks with strategic investors to close the remaining portion of the round and plans to complete a number of demonstrations and establish a production facility in California.
It said it will combine the new capital with a $3.3m state loan to build the manufacturing plant in addition to extending its existing manufacturing and development operations.
The company manufactures lightweight, low-cots and thin modules based on its patented solar optic technology.
‘The Morgan Solar approach to CPV provides, for the first time, an opportunity to deliver grid-competitive levelised costs of electricity without subsidies, across global markets,’ said Asif Ansari, CEO of Morgan Solar.
‘Now – not five years from now – the Sun Simba generates extremely compelling project rates of return.’
Morgan Solar was founded in 2007 and is based primarily in Toronto. It was formed to develop next-generation solar technologies at a lower cost.
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