Mountain View, California [RenewableEnergyAccess.com] SolFocus, Inc., a developer and manufacturer of solar energy solutions, including concentrator photovoltaic (CPV) systems, trackers and thermal technology, yesterday announced the closing of $52 million in funding. This included $27.4 million in Series A financing for SolFocus Europe, and the balance as Series B financing for SolFocus, Inc.
SolFocus Europe, headquartered in Madrid, Spain will serve the European market with CPV, tracker and thermal products. Its operations will include business development, marketing, engineering, R&D activities, and with field operations, including the Institute of Concentration Photovoltaic Systems (ISFOC) program.
The ISFOC project is a 3 megawatt installation of CPV technology in Castilla la Mancha, Spain. SolFocus will also continue collaborative work with the Polytechnic University of Madrid and its Institute of Solar Energy (IES) in meeting technology challenges to further the proliferation of solar energy worldwide. SolFocus also recently acquired Inspira, S.L., a Madrid-based provider of solar trackers for the CPV and PV industries.
According to SolFocus CEO Gary D. Conley, the company will base its tracker and solar thermal product development activities in Europe, while focusing on panel, optics, and cell technologies in the United States.
“Aggressive incentives in Europe…have resulted in the rapid rise of Spain as a global solar technology hub, making it the ideal center for SolFocus Europe’s headquarters,” said Conley. “This funding provides us the means to form and operate a separate, fully operational entity which can better serve the European market’s demand for CPV systems, as well as trackers for CPV and conventional flat plate solar panels. SolFocus will also gain considerable solar DNA from the large and experienced solar labor pool in Europe.”
The financings, both led by New Enterprise Associates (NEA), also include Moser Baer India, Ltd., David Gelbaum, Metasystem Group, NGEN Partners, Yellowstone Capital Inc., and others.