Morgan Solar Inc., a Toronto, Canada-based solar energy start-up, increased its first investment round to US $8.2m from the US$4.7m announced in October 2009.
The round was led by Connecticut-based venture capital fund Turnstone Capital Management LLC, with participation from strategic investors Iberdrola and Nypro Inc. Additional funds were raised from two Canadian venture capital groups with significant experience in clean technology.
The funds will finance activities through to the commercial release of Morgan Solar’s Concentrated Photovoltaic (CPV) solar panel – the Sun Simba HCPV.
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.