Solar

SolFocus Raises US $47.5M to Commercialize CPV

SolFocus announced that it has raised US $47.5 million in the first round of its Series C financing and appointed Mark Crowley as its new CEO. SolFocus will use the new funding to accelerate expansion of its manufacturing operations and extend its early base of commercial CPV deployments, the company said. The company plans to grow deployments of its technology from 0.5 megawatts (MW) in 2008 to approximately 100 MW by the end of 2010.

“This is an exciting time to be taking the helm of SolFocus,” Crowley said. “We have developed and delivered 0.5 MW 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. Many good companies are going unfunded today; this close is strong validation from investors that our CPV systems are compelling today, and will help drive the growth of the solar industry tomorrow.”

The round was led by Apex Venture Partners with follow-on investment by New Enterprise Associates (NEA), NGEN Partners and others. The company anticipates a second close later this month.

The funding and leadership developments follow the release of the SolFocus 1100S system in November and the announcement of two groundbreaking customer deployments in Europe: the largest CPV installation, announced with EMPE in November, and the first CPV installation in Greece, announced with Samaras Group.