Morgan Solar’s Series A fund reaches $8.2m

7 January 2010

Toronto-based concentrated solar panels developer Morgan Solar has raised $3.5m in additional Series A funding, bringing the round total to $8.2m.

The company previously raised $4.7m in October 2009. Strategic investors participating in Morgan Solar’s first round include renewable energy provider Iberdrola, contract manufacturer Nypro, and Connecticut based venture capital fund Turnstone Capital Management led the first round. Additional funds were raised from two Canadian venture capital groups with significant experience in clean technology.

Morgan Solar said that t new capital will finance activities through to the commercial release of Morgan Solar’s concentrated photovoltaic solar panel, the Sun Simba HCPV, designed for utility scale solar farms and distributed generation.

‘The most important goal for solar energy is to become competitive with other electrical generation technologies. Our view is that this can only be achieved with low cost, scalable, high efficiency solar panels,’ said Nicolas Morgan, vice president, business development and marketing at Morgan Solar. ‘The Sun Simba HCPV is our answer to this challenge. We’re bringing to market a next generation solar panel.’

Early manufacturing for testing and certification has started at Morgan Solar’s facility in Toronto and initial commercial deliveries are expected by the end of the year, with global sales, manufacturing, and delivery capabilities ramping up in 2011.

Morgan Solar was founded in 2007 to develop next generation solar power technologies that will make solar energy significantly less expensive. Sun Simba HCPV will be the first of the company’s concentrated solar photovoltaic products to market, using a new type of optical concentration system, the Light-Guide Solar Optic (LSO).

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Tags: solar

This story was published on Thursday, January 7th, 2010 at 5:49 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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