Canadian CPV firm Morgan Solar closes US$16.5M Series B funding tranche; plans factory in San Diego

May 26, 2011
Facebook
Twitter
LinkedIn
Reddit
Email

Morgan Solar has closed the first installment of its Series B funding round with US$16.5 million. The funding will enable the company to increase its manufacturing and deployment for its Sun Simba concentrated PV module. Existing investors Inversiones Financieras Perseo, of the Iberdrola Group, and Nypro were joined by new investor, The Frost Group. Morgan Solar is in talks with strategic investors to close the remainder of the funding round.

“The Morgan Solar approach to CPV provides, for the first time, an opportunity to deliver grid-competitive LCOEs without subsidies, across global markets,” says Asif Ansari, CEO of Morgan Solar. “Now – not five years from now – the Sun Simba generates extremely compelling project rates of return.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The company plans to install various demonstration sites in Ontario and the US throughout the year. The funding from Series B, combined with the its US$3.3 million loan from the California Energy Commission, should allow Morgan Solar to found a manufacturing facility in San Diego, California, while concurrently enhancing its current manufacturing and R&D presence in Ontario.

Read Next

November 21, 2025
BNZ has started commercial operations at a portfolio of solar PV projects in Spain with a combined capacity of 150MW.
November 21, 2025
Fotowatio Renewable Ventures (FRV) Australia has submitted an environmental referral for a 200MW solar PV project paired with a 550MW/2,200MWh battery energy storage system (BESS) in New South Wales.
November 21, 2025
JUWI, a wholly-owned subsidiary of MVV Energie AG, has completed the sale of a 156MW solar PV portfolio in Greece to Mirova, an affiliate of Natixis Investment Managers specialising in sustainable investing.
Premium
November 21, 2025
A modestly sized solar PV project in central Germany might have just ushered in a new era of renewables’ relationship with the grid.
November 21, 2025
CPS Energy has issued a request for proposals (RFP) to acquire 600MW of new solar capacity through power purchase agreements (PPA).
November 21, 2025
ib vogt has entered a strategic partnership with Ingka Investments for a 210MW solar project in Rajasthan, India.

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Lisbon, Portugal
Solar Media Events
June 16, 2026
Napa, USA