Solar Energy Startup Lands $25 M in Financing

Palo Alto, California [RenewableEnergyAccess.com] SolFocus, Inc., a solar energy startup that specializes in solar concentrator photovoltaic (CPV) systems, closed $25 million of a $32 million Series A equity financing. Led by New Enterprise Associates (NEA), the round also included seed investors NGEN Partners and Yellowstone Capital. The $3.5 million seed round was completed in March 2006. The new funds will accelerate a large-scale reliability test series, the production ramp of CPV modules at domestic and off-shore factories, and securing the long term supply of photovoltaic cells. As part of the financing, NEA’s Scott Sandell joins the company’s board of directors. Nobel Laureate and former director of Bell Laboratories Arno Penzias joins the SolFocus technical advisory board.
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