Toronto-based Morgan Solar revealed that Enbridge, an oil and natural gas delivery company which is expanding into renewable energy generation, provided a US$9.8 million investment, bringing the company’s Series B fundraising to a total of US$28.8 million. In March, Morgan Solar announced that it was looking to raise between US$20 and US$25 million to invest in sales development of its Sun Simba technology and continue the development and expansion of its portfolio for upcoming solar technologies.
“While Enbridge is now well established as a generator of solar electricity, our investment in Morgan Solar is our first investment in solar technology,” said Chuck Szmurlo, Enbridge's VP of alternative & emerging energy. “We've been excited for a long time about the potential for solar electricity and we're now pleased to help advance innovative ideas that will help reduce costs and enable the increasingly economic deployment of this emissions-free energy source. We look forward to playing a role in Morgan Solar's growth.”
Other investors in the round included strategic investors Iberdrola, Bypro and new investments from The Frost Group. By the close of the Series B round, Morgan Solar’s total private investments to date were compiled at US$38 million. Gigaom noted that earlier this year it spoke with Nicolas Morgan, co-founder of Morgan Solar and VP of business development and marketing, who stated that the capital raised would go towards beginning production at the company’s Chula Vista, California manufacturing facility.
Gigaom additionally advised that the California Energy Commission had granted Morgan Solar a US$3.3 million loan to set up its Southern California facility. Morgan Solar stated that it would start its manufacturing facility with an 8MW annual capacity and that its factory equipment was expected to be up and running by Q1 2012.