Morgan Solar secures $10 million to market high-efficiency solar panels

Today, Morgan Solar Inc. announced $10 million in funding led by ArcTern Ventures, a venture capital fund developed in partnership with MaRS Discovery District that provides early-stage capital to companies in the cleantech sector. This is the second round of financing by ArcTern Ventures in Morgan Solar.
Morgan Solar has developed a concentrating solar technology called the Sun Simba™ based on proprietary optic and circuit technology. The Sun Simba™ offers among the highest efficiency and yield of any commercially available solar technology, when used with Morgan Solar’s proprietary Savanna™ tracker.
“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.”
The financing will allow Morgan Solar to increase manufacturing capacity of Sun Simba™. Existing investors 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,” says 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.”
“I couldn’t be more excited about Morgan Solar’s prospects,” added Rand. “If Canada is going to move the needle on carbon emissions and develop its cleantech industry, then we need to invest in next generation technologies. Morgan Solar, which has recruited some of the brightest engineers from across the country, is making a significant impact in the renewable market.”

www.morgansolar.com

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    Today, Morgan Solar Inc. announced $10 million in funding led by ArcTern Ventures, a venture capital fund developed in partnership with MaRS Discovery District that provides early-stage capital to companies in the cleantech sector. This is the second round of financing by ArcTern Ventures in Morgan Solar.

    Morgan Solar has developed a concentrating solar technology called the Sun Simba™ based on proprietary optic and circuit technology. The Sun Simba™ offers among the highest efficiency and yield of any commercially available solar technology, when used with Morgan Solar’s proprietary Savanna™ tracker.

    “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.”

    The financing will allow Morgan Solar to increase manufacturing capacity of Sun Simba™. Existing investors 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,” says 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.”

    “I couldn’t be more excited about Morgan Solar’s prospects,” added Rand. “If Canada is going to move the needle on carbon emissions and develop its cleantech industry, then we need to invest in next generation technologies. Morgan Solar, which has recruited some of the brightest engineers from across the country, is making a significant impact in the renewable market.”

    www.morgansolar.com