Morgan Solar attracts $16.5m for CPV manufacturing

26 May 2011

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.

Tags: CPV, Morgan Solar, solar

4 Responses to “Morgan Solar attracts $16.5m for CPV manufacturing”

Carlos says:

27 May 2011 at 1:10 am

I’m looking forward to seeing one of those giant Amonix trackers fitted with slimline Morgan Solar collectors.

Then I’d like to see what a bit of design flair can do. Is it possible for a big solar field to be as aesthetically pleasing as an apple orchard?
Keef Wivanef says:

27 May 2011 at 12:58 pm

Another $16.5M??
I thought you were claiming this is LOW COST solar!!

How can you possibly compete with flat panel which is now actually available for below $1 per watt and does NOT require expensive trackers?

Crapolata of the highest order (imho)
Jianguang Zhang says:

30 May 2011 at 2:47 am

Keef Wivanef :Happy to know you are still staring at HCPV. CPV or PV I think it mostly depends on area.
JJOhio says:

30 May 2011 at 4:04 pm

Keef Wivanef,
If you really understood their technology, you wouldn’t say it was “Crapolata”. They are legit, and they will change the face of solar. (I just wish I were a part of it……)
You forget when starting ANY business, there are real costs, which must be accounted for. Their facilities will cost some money to put together. That doesn’t mean the cost of the cells will be 16.5million! I think their cells will be in the neighborhood of about 10-15 cents each. That’s my guess.
Trackers can be expensive, but they don’t have to be. I’m guessing the latest generation of trackers will be cost-effective, as used by Morgan solar.
Keef, you have given your opinions without even looking at the technolgy. That doesn’t show a lot of wisdom does it? At least give them a chance to demonstrate before you make your opinion so vocal.