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Back You are here: Home Renewables Solar Concentrating Solar Power Start-up secures funding for breakthrough solar technology

Concentrating Solar Power

Start-up secures funding for breakthrough solar technology



Morgan Solar’s Sun Simba panel uses a light-guide solar optic,
a new type of optical concentration system capable of concentrations of up to 1,400 suns.

Morgan Solar Inc. has raised $4.7 million from three global investors in an initial financing round that would help propel the company’s breakthrough concentrated solar photovoltaic panel.

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The Toronto-based solar energy start-up has secured investments from Iberdrola Group, Nypro Inc. and Turnstone Capital Management LLC to fund the manufacture of its Sun Simba high concentration photovoltaics, a high efficiency, low cost solar panel ideal for the utility scale and distributed generation solar power markets.

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Morgan Solar’s Sun Simba panel uses a light-guide solar optic, a new type of optical concentration system capable of concentrations of up to 1,400 suns. The panel boasts of an efficiency rate in the range of 26 percent to 30 percent. Through the technology, Morgan Solar avoids the high cost and complexity associated with the production of current concentrating optics and panel structures based on mirrors and lenses.

Connecticut-based Turnstone Capital Management led the formation of the investment syndicate, which include Inversiones Financieras Perseo, the venture initiative of Iberdrola, and New Ventures Group LLC, the venture investment subsidiary of Nypro.

The first tranche of the first investment round is now closed and an additional investment tranche is expected to close soon.

Iberdrola, Spain’s largest energy company, and Nypro, a global leader in precision injection molding and contract manufacturing, also now have a strategic interest in the future success of Morgan Solar. Iberdola has poured in $2.5 million, while Nypro put in another $1 million as a key partner in manufacturing and product assembly.

“Their [concentration photovoltaics] technology is revolutionary, highly efficient and simple to manufacture at very low costs. We see a winner in the making and we took a position as soon as we saw it,” remarked Pedro Velasco, director of non-energy businesses at Iberdrola.

Meanwhile, Nypro’s investment will help Morgan Solar quickly scale up production of the Sun Simba panels.

Morgan Solar is now constructing a pilot manufacturing facility that will produce the Sun Simba panel. The company aims to release the solar panels commercially by late 2010.





- Natassia Y. Laforteza




Reference:

1 http://www.morgansolar.com/products.php

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