Intelligence Brief
Morgan Solar raises $4.7m, plans pilot manufacturing facility
19 October 2009
Solar energy start-up Morgan Solar has raised $4.7 million from Iberdrola Group, Nypro and Turnstone Capital Management.
Nypro, a plastics and injection molding company, has invested in Morgan Solar through its wholly owned subsidiary New Ventures Group. Investors will fund Morgan Solar’s migration from research and development to manufacturing.
The Toronto-based company, which has completed the first tranche of its round A investment, expects an additional investment tranche to close soon. Two of the investors, Iberdrola Group and Nypro, now also have a strategic interest in the future success of Morgan Solar. Further details weren’t disclosed.
The company has spent the last two years designing, testing and refining its CPV technology. The company has worked on a panel called Sun Simba HCPV.
Morgan Solar is now putting together a pilot manufacturing facility to build the Sun Simba HCPV. Their plan is to deploy demonstration and evaluation installations soon, while fine tuning the manufacturing processes and moving toward commercial release in late 2010. The fundamental idea behind its products is the Light-Guide Solar Optic (LSO), a thin optical structure made from simple acrylic and glass components that internally concentrates sunlight. The concentrated sunlight is redirected onto small photovoltaic cells attached at the centre of the optic.
