Morgan Solar exceeds funding target, raises $8.2 million
TORONTO, Jan. 6 – Morgan Solar Inc., a Toronto based solar energy start-up, have increased their first-round investment to USD $8.2 million from the USD $4.7 million announced in October 2009.
Strategic investors participating in Morgan Solar’s first round are Iberdrola, the world’s largest renewable energy provider, and Nypro Inc., a global leader in injection molding and contract manufacturing with operations in 16 countries. Connecticut based venture capital fund Turnstone Capital Management LLC led the first round. Additional funds were raised from two Canadian venture capital groups with significant experience in clean technology.
The funds will finance activities through to the commercial release of Morgan Solar’s unique Concentrated Photovoltaic (CPV) solar panel – the Sun Simba HCPV.
The Sun Simba HCPV is a low cost, high efficiency solar panel 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, VP Business Development & 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. Initial commercial deliveries are expected by the end of the year, with global sales, manufacturing, and delivery capabilities ramping up in 2011.
About Morgan Solar Inc
Morgan Solar Inc was founded in 2007 to develop next generation solar power technologies that will make solar energy significantly less expensive. They have developed a number of concentrated photovoltaic technologies, of which the first to market will be the Sun Simba HCPV. This high efficiency, low cost concentrated photovoltaic solar panel uses a completely new type of optical concentration system – the Light-Guide Solar Optic (LSO). The LSO allows Morgan Solar to avoid the high cost and complexity inherent in current concentrating optics and panel structures based on mirrors and lenses, thus delivering a simple, low cost, efficient solar panel that is ideal for the utility scale and distributed generation solar power markets. Future versions will target other markets, including building-integrated solar applications.
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