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.
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