Morgan Solar, which develops high-efficiency solar technology, has raised $10 million in funding.
The round was led by ArcTern Ventures, a venture capital fund developed in partnership with MaRS that provides early-stage capital to companies in the cleantech sector. Existing investors in the company include Enbridge, Spanish renewables giant Iberdrola, and the Kuwaiti Investment Authority, through its subsidiary EnerTech.
“Because our design builds on proven industry technologies, we will be able to quickly increase production capacity while maintaining quality,” said Mike Andrade, CEO of Morgan Solar. “The Sun Simba System has the potential to offer the best combination of high conversion efficiency and competitive cost. Going forward we are able to leverage advances from investments in adjacent industries to continue to advance our technology — from LED lighting, to plastic moulding, to new multi-junction cells for the
satellite industry.”
Morgan Solar said that its technology, called Sun Simba, offers high efficiency and yield of any commercially available solar technology, when used with the company’s proprietary Savanna tracker. The funding will allow Morgan Solar to increase the manufacturing capacity of Sun Simba.
“Morgan Solar continues to be a flagship investment for ArcTern Ventures,” said Tom Rand, managing partner of ArcTern Ventures. “The company has reached a turning point as it transitions from a focus on technology development to global commercial sales. The appointment of Mike Andrade as CEO, with his background in global competitive markets, including solar, brings a wealth of experience to the management team.”