California, United States [RenewableEnergyWorld.com] SolFocus has closed its Series C Funding round having raised US $77.6 million. The company is completing its transition from pilot production to full scale commercialization, with the expansion of manufacturing from 500 kilowatts in 2008 to more than 10 megawatts (MW) to be shipped this year and capacity for more than 50 MW going into 2011. The funds raised in this C Round will be used to support the manufacturing ramp up.
SolFocus announced a first close on the C Round in January of this year, at which time it had raised $47 million. Since that first close the company has raised an additional $30.6 million. The C Round was led by Apex Venture Partners.
“Closing a round of investment with more than $77 million is no small feat in this challenging fundraising environment, and a good indication of market expectations for SolFocus in 2009 – the year of CPV commercialization,” said Mark Crowley, president and CEO of Solfocus. “The investment will allow SolFocus to align its operations, engineering, and project management with the demands of global manufacturing and deployment.”
The SolFocus CPV system uses reflective optics to concentrate sunlight 650 times onto small, highly efficient solar cells. The SolFocus 1100S uses approximately 1/1,000th of the active material of a traditional photovoltaic panel.