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SolFocus’s successful Series C round of financing has raised $77.6 million that will fund the company’s transition from pilot production to full-scale commercialization. A planned capacity expansion from 0.5MW to over 10MW in the pipeline for 2009 will be followed by a major manufacturing hike to 50MW in 2011. The first close of the C round raised $47 million; an additional $30.6 million has been sourced since January.
“Closing a round of investment with more than $77 million is no small feat in this challenging fund-raising environment, and a good indication of market expectations for SolFocus in 2009 – the year of CPV commercialization,” said Mark Crowley, Chief Executive Officer and President. “The investment will allow SolFocus to align its operations, engineering, and project management with the demands of global manufacturing and deployment.”
The C Round, which was led by Apex Venture Partners, a Chicago-based venture firm, was contributed to by companies including New Enterprise Associates (NEA), who led the A and B Rounds for the company; NGEN; Yellowstone Ventures; and Demeter Partners, affiliates of Advanced Equities.
