Morgan Solar Inc., a Toronto-based solar energy start-up, completed the first part of a Round A investment, securing $4.7m from Iberdrola Group SA, Nypro Inc, and Turnstone Capital Management LLC.
The company was founded in 2007 to develop solar power technologies that will make solar energy significantly less expensive. They have developed a number of concentrated photovoltaic technologies, of which the first to market will be the Sun Simba HCPV. A syndicate led by Turnstone Capital Management LLC and including Inversiones Financieras Perseo SL, the venture initiative of Iberdrola Group and New Ventures Group LLC the venture investment subsidiary of Nypro Inc will fund Morgan Solar’s migration from research and development to manufacturing.
An additional investment tranche will close soon.
Commenting on the funding, John Paul Morgan, Chief Technology Officer at Morgan Solar and inventor of the proprietary optics technology, said: “Iberdrola Group is the biggest possible industry partner we could have, and Nypro are global experts in the manufacturing processes we use. That these companies got in early with us makes me realize how big this could be”.