Wednesday, 24 August 2016
Last updated 4 hours ago
Oct 15 2009 | 9:00am ET
Toronto-based Morgan Solar Inc, a solar energy startup, has completed the first part of a Series A funding round, securing $4.7 million from Spain’s Iberdrola Group SA, Nypro Inc. and Turnstone Capital Management.
Morgan Solar has developed a concentrated solar photovoltaic (CPV) panel called the Sun Simba HCPV for utility-scale and large distributed generation applications.
Morgan Solar CTO John Paul Morgan said in a statement, “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.”
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. The first tranche of this first investment round is now closed and an additional investment tranche will close soon.
Iberdrola Group, the largest electrical utility in Spain, has taken an early stake in the company by investing $2.5 million. Nypro Inc, a global leader in precision injection molding and contract manufacturing, has invested USD $1.0 million and becomes a key partner in the manufacturing and product assembly by providing the capacity to quickly scale up manufacturing of the Sun Simba HCPV globally.
Morgan Solar is now putting together a pilot manufacturing facility to build the Sun Simba HCPV. Its plan is to deploy demonstration and evaluation installations soon, while fine tuning the manufacturing processes and moving toward commercial release in late 2010.