Toronto, Canada [RenewableEnergyWorld.com] Morgan Solar Inc., has announced that it has received more funds in its first-round investment. The company has now raised to US $8.2 million, up from the US $4.7 million announced in October 2009. The funds will finance the commercial release of Morgan Solar’s Concentrated Photovoltaic (CPV) solar panel – the Sun Simba HCPV.
The company said that the Sun Simba HCPV is a low cost, high efficiency solar panel designed for utility scale solar farms and distributed generation. 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.
“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 of business development and marketing at Morgan Solar. “The Sun Simba HCPV is our answer to this challenge. We’re bringing to market a next generation solar panel.”
Strategic investors participating in Morgan Solar’s first round are Iberdrola and Nypro Inc., an injection molding and contract manufacturer. 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.