Jan 8 2010
Morgan Solar, a solar energy start-up company in Toronto, has increased its first-round investment from the USD $4.7 million as announced in October 2009 to USD $8.2 million.
Iberdrola and Nypro are the strategic investors participating in Morgan Solar‘s first round of financing. Iberdrola is the largest renewable energy provider in the world and Nypro, with its operations in 16 countries, is a world leader in injection molding and contract manufacturing. The first round investment was led by Turnstone Capital Management, a venture capital fund based in Connecticut. Two Canadian venture capital groups, which have substantial clean technology exposure, were the two firms from whom additional funds were raised.
The funds will be utilized for the development and commercial release of the company’s Sun Simba HCPV, a unique Concentrated Photovoltaic solar panel. The Sun Simba HCPV is a highly efficient and inexpensive solar panel used for distributed generation and utility scale solar farms.
Nicolas Morgan, VP Business Development & Marketing at Morgan Solar, remarked that high efficiency, cost effective and scalable solar panels will enable solar energy to be competitive with other electrical generation technologies. He commented that the next generation Sun Simba HCPV is the solution to meet this challenge.
Morgan Solar’s facility in Toronto is carrying out the manufacturing process, which will be followed by the testing and certification processes. The company expects to bring out its first commercial deliveries by the end of the year 2010. In the year 2011, the company expects to see an increase in its manufacturing, global sales and delivery capabilities.
Source: http://www.morgansolar.com/