Participated · Equity · Feb 2019

Ergosup has developed a high-pressure hydrogen generator technology based on water electrolysis and builds compact systems to store and convert electricity into pressurised hydrogen. Its stations target zero-emission mobility (drones, handling equipment, bicycles, cars) and on-site industrial gas production as a truck-supply substitute. The company plans to industrialise production of its compact storage units, invest in marketing, and hire about a dozen employees including salespeople, project managers, and technicians. Founded in 2010 and located in Malataverne and Cherbourg, France, Ergosup currently employs 20 people. It has won multiple innovation awards (Global Innovation Competition prizes in 2014, 2015 and 2017, and a CES 2019 Innovation Award). The company aimed for turnover of €1 million in 2019 and €6 million by 2020.

Participated · Equity · Jul 2009

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.