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Solar News: US DoE supports research into advanced solar thermal

First published in Cleantech magazine Issue 6 2011, Copyright Cleantech Investor Ltd. 2011

The US Department of Energy (DoE) has allocated US$60 million for research into advanced solar thermal technologies as part of its SunShot Initiative, which aims to cut the cost of solar energy by 75% by 2020. The research funding will be allocated to around 20 projects and will be made available over a three year period. Projects receiving funding will focus on efficiency improvements and cost reductions in collectors, receivers and power cycle equipment used in concentrated solar photovoltaic (CSP) systems.
 

Solar VC Deals 7: Reel Solar

First published in Cleantech magazine Issue 6 2011, Copyright Cleantech Investor Ltd. 2011

CalCEF Clean Energy Angel Fund et al
Target Company: Reel Solar
Deal Value: US$15m

CalCEF Clean Energy Angel Fund has joined existing investors, CMEA Capital and Pangaea Ventures, to invest in California-based thin film solar technology developer, Reel Solar. Established in 2009, Reel Solar announced that it had raised US$15 million at the end of 2011. The company is still operating in stealth mode.

 

Solar VC Deals 6: Morgan Solar

First published in Cleantech magazine Issue 6 2011, Copyright Cleantech Investor Ltd. 2011

Enbridge et al
Target Company: Morgan Solar
Deal Value: US$9.8m

Morgan Solar, a Toronto, Canada-based firm, has raised funding worth US$9.8 million from investors including Enbridge, the Frost Group and existing investors, Iberdrola subsidiary Inversiones Financieras Perseo and Nypro. The fundraising, which closed in November 2011, brings the total raised by the company in its Series B funding round to US$28.8 million.

Morgan Solar is developing concentrated photovoltaic (CPV) solar panels using an acrylic and glass-based thin optical structure, which it describes as ‘light-guide solar optic' (LSO). The technology is understood to be able to build lightweight, thin, low cost CPV systems. Morgan is constructing a manufacturing plant in San Diego, California, where it is benefiting from a California Energy Commission loan of US$3.3 million. The company, which was founded in 2007 and raised US$8.2 million last year in a Series A funding round, undertakes research and development in Ontario, Canada.

 

Solar VC Deals 5: Tigo Energy

First published in Cleantech magazine Issue 6 2011, Copyright Cleantech Investor Ltd. 2011

Undisclosed Investors
Target Company: Tigo Energy Inc.
Deal Value: US$13m

Tigo Energy Inc. announced in November 2011 that it had raised US$13 million of a total investment round to private investors of US$16 million. In October 2011 Tigo announced it had raised US$5 million; and in March 2011 the company confirmed a US$10.6 million fund raising round – which came from the Climate Solutions Fund managed by Al Gore’s Generation Investment Management.

Tigo Energy has developed power optimisers which reduce the impact of shade, dust, clouds and uneven temperature on solar panels, thereby boosting their efficiency. The power optimisers also monitor the output of solar panels, at a modular level, to identify problems. The company claims its systems, integrated into large solar projects, can improve power output by up to 8%.

In addition to Generation IM, investors in Tigo include Matrix Partners, OVP, ICV, Clal Energy and IAC.

 

Solar VC Deals 4: Sustainable Energy Technologies

First published in Cleantech magazine Issue 6 2011, Copyright Cleantech Investor Ltd. 2011

Doughty Hanson Technology Investors
Target Company: Sustainable Energy Technologies
Deal Value: US$1.5m

Canada’s Sustainable Energy Technologies (SET) announced in October that it had secured US$1.5 million of equity investment from Doughty Hanson Technology Ventures. SET’s solar inverters can create ‘parallel’ solar photovoltaic systems, increasing power output by up to 25% and reducing the operating costs of a solar project. SET is understood to be focusing on the European market.

 
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