Solar technology company SolFocus raises over $77m in Series C funding

9 July 2009

SolFocus, a developer of Concentrator Photovoltaic (CPV) systems, has closed its Series C funding on $77.6m. The round was led by Apex Venture Partners, a Chicago-based venture firm focused on investments in sectors including technology, software, IT infrastructure and telecommunications.

Follow-on participants in the round included New Enterprise Associates (NEA) who led the A and B Rounds for the company, NGEN and Yellowstone Ventures. New investors in the round include Demeter Partners, affiliates of Advanced Equities, and others.

The company is completing its transition from pilot production to full scale commercialisation, with the expansion of manufacturing from 0.5MW in 2008 to over 10MW to be shipped this year, with capacity for over 50MW going into 2011. The funds raised in round will be used to support the rapid manufacturing ramp in the company’s transition to volume production, according to a statement.

SolFocus announced a first close on the round in January of this year, at which time it had raised $47m. Since that first close the company has raised an additional $30.6m, bringing the total round to $77.6m.

‘Closing a round of investment with more than $77m is no small feat in this challenging fund-raising environment, and a good indication of market expectations for SolFocus in 2009 – the year of CPV commercialisation,’ said Mark Crowley, CEO and president. ‘The investment will allow SolFocus to align its operations, engineering, and project management with the demands of global manufacturing and deployment.’

”SolFocus has the right mix of innovation and execution to deliver on its promise of low-cost solar energy in high-sun regions around the world,’ said Wayne Boulais of Apex Venture Partners. ‘The challenge for new technology in today’s tight capital markets is intense, but we believe that SolFocus has demonstrated its ability to move forward on a deliberate path that will allow the company to meet these challenges and excel.’

Following the investment round Boulais will join the SolFocus board of directors.

In April of this yearSolFocus completed its expanded solar glass reflector manufacturing factory in Mesa, Arizona, in the US.

Copyright © 2009 NewNet

Tags: photovoltaic, solar, venture capital

This story was published on Thursday, July 9th, 2009 at 1:37 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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