Morgan Solar Inc., a Toronto, Canada-based developer of ultra-thin, lightweight photovoltaic modules, has raised a $16.5m first tranche of its Series B funding round.
Participants include existing investors Inversiones Financieras Perseo, of the Iberdrola Group, and Nypro Inc., as well as new investor The Frost Group, LLC. Morgan is currently in discussions with strategic investors to close the round.
The company intends to use the funds, which also comprise a $3.3m loan from the California Energy Commission, to establish a manufacturing facility in San Diego, California and ramp up manufacturing and R&D sites in Ontario to continue to develop and bring to market its Sun Simba an ultra-thin, lightweight photovoltaic module.
Founded in 2007 and led by CEO Asif Ansari, Morgan Solar has developed the Sun Simba High Concentration Photovoltaic (HCPV), a highly efficient, low cost, robust concentrating solar module and has five other patent-pending photovoltaic products in the pipeline.