Solar tech provider Erthos has secured US$17.5 million in a Series B fund that is to help it scale its active pipeline of projects to 2.5GW.
Led by Capricorn Investment Group, a venture capital firm that invests in new renewable technologies and business models, the round takes the total funding raised by Erthos to US$24.9 million.
The Tempe, Arizona-based company said the funds will help the company double its workforce and increase the development of its robotic cleaning, system analytics and modelling software products.
“With this financing, we have the resources to execute phase two of our market rollout,” said Jim Tyler, CEO of Erthos.
After the Series A fund the company was able to finalise development of its Earth Mount Solar PV system architecture which installs solar modules directly on the earth and without using a steel structure, its own autonomous robot and sign its first portfolio of projects.
Ion Yadigaroglu, partner at Capricorn, said: “We see in Erthos a unique opportunity where simplicity and speed to market is coupled with an enormous ability to effect change.”
