SolFocus develops concentrator photovoltaic (CPV) systems that combine high‑efficiency solar cells (approaching 40%) with advanced optics to provide lower‑cost solar energy. The company’s stated mission is to enable solar energy generation at a levelized cost of energy competitive with traditional fossil fuels. It received $3M in equipment financing from ATEL Ventures to support high‑volume manufacturing. The financing is equipment financing from ATEL Ventures, a provider of secured financing to emerging growth companies. SolFocus is venture‑backed by New Enterprise Associates and Apex Ventures. The company is headquartered in Mountain View, California, with European operations in Madrid, manufacturing in Mesa, Arizona, and manufacturing partners in China. SolFocus designs and assembles concentrating solar power systems that use glass reflectors to focus sunlight up to 650 times onto gallium-arsenide solar cells. The company purchases the expensive gallium-arsenide cells from third parties and integrates them with its reflector architecture, which is currently in small pilot mode. It operates a factory in Mesa, Ariz. that produces about 30 megawatts worth of glass reflectors per year. SolFocus has begun commercial deployments, supplying reflectors for a 500-kilowatt project in Spain and a 7.2-kilowatt system in San Francisco, and has secured deals to provide 10-megawatt packages to Greece’s Samaras Group and another 10-megawatt order with EMPE Solar in Spain. Management says it has started bringing in steady revenue and plans to use new financing to commercialize and expand production, though the company faces short-term pressure from falling silicon prices that could reduce demand for concentrating technology. The article reports the company has raised significant capital to date, which may help attract government support for expansion. SolFocus develops concentrator solar technology that uses mirrors to focus sunlight onto solar cells to squeeze more energy out of less silicon. Multiple venture firms, including Nth Power, were competing to invest and had been valuing the company in the single‑digit or low‑teens of millions. New Enterprise Associates, led by partner Scott Sandell, offered a $70 million valuation after a brief review and led the aggressive bid. SolFocus had planned to raise $12.5 million but ended the process with $32 million in the bank. Existing seed investor NGEN had provided seed funding months earlier and saw its investment converted into the value of the latest round, which effectively raised the price NGEN paid. The article frames NEA’s move as aggressive and notes expectations of more such activity in clean‑tech investing.

Total raised

$66M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Apr 2010