CPV maker Morgan Solar raises USD 8.4m

Canadian firm Morgan Solar Inc, a manufacturer of concentrated photovoltaic (CPV) modules and dual-axis trackers, has secured USD 8.4 million (EUR 7.6m) in fresh funding.

This latest financing round was led by existing investor ArcTern Ventures, Morgan Solar said last week.

The Toronto, Ontario-based solar company is producing the Sun Simba CPV modules, based on proprietary optic and circuit technology, and the Savanna tracker. It plans to use the fresh funds to increase the manufacturing capacity of Sun Simba.

“The Sun Simba System has the potential to offer the best combination of high conversion efficiency and competitive cost. Going forward we are able to leverage advances from investments in adjacent industries to continue to advance our technology — from LED lighting, to plastic moulding, to new multi-junction cells for the satellite industry,” said CEO Mike Andrade.

Also last week it was announced that Morgan Solar will supply its dual-axis solar tracking technology for a 300-kW grid-connected project near Kaladar, Ontario, developed by UGE International (CVE:UGE).

Morgan Solar’s other investors are Enbridge (TSE:ENB), Spain’s Iberdrola (BME:IBE) and the Kuwaiti Investment Authority, through its EnerTech subsidiary.

(CAD 1.0 = USD 0.773/EUR 0.699)

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