SolFocus raises $47.5m in Series C fundraising

9 January 2009

US developer of concentrator photovoltaic systems SolFocus has raised $47.5m in the first close of its Series C financing and appointed Mark Crowley as CEO. The round was led by Apex Venture Partners and included New Enterprise Associates, NGEN Partners and others.

The funding will go towards the expansion of the company’s manufacturing operations and extend its early base of commercial CPV deployments.

The company hopes to grow deployments from 5MW in 2008 to 100MW by the close of 2010.

Mark Crawley said, ‘This is an exciting time to be taking the helm of SolFocus. We have developed and delivered 5MW of our high efficiency, cost-effective CPV systems, and are now poised to roll out product in high volume. Our C Round funding will allow us to invest rapidly to support our aggressive growth plans.’

Mark Crowley, who was named president of SolFocus in August 2008, will assume the role of CEO to guide the company in its transition from small scale demonstration installations to large scale commercialisation. The previous CEO and founder, Gary Conley, will continue as chairman of the board.

Copyright © 2009 newnet

Tags: solar, venture capital

This story was published on Friday, January 9th, 2009 at 11:40 am 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.

Leave a Reply