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.”
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.