• Morgan Solar

  Led · Equity · Jan 2010

  Morgan Solar, founded in 2007 and based in Toronto, manufactures the Sun Simba™, a rapidly deployed solar energy generation solution integrated with its lightweight, self-ballasted Savanna™ tracker. The company’s Light‑guide Solar Optic enables a low‑profile, lightweight concentrated photovoltaic (CPV) system that the company says is less expensive to build, ship, deploy, and maintain than competing technologies. Sun Simba systems scale from 10‑kilowatt to multi‑megawatt installations. Morgan Solar intends to use the funding to expand manufacturing capacity for the Sun Simba™, invest in sales development, and continue to develop and expand its portfolio of solar technologies. The company’s Series B round has been increased through the recent investment to a total of USD$28.8M. Morgan Solar develops the Sun Simba concentrated photovoltaic (CPV) module and focuses on commercializing CPV technology. The company plans to increase manufacturing and deployment of Sun Simba and to install demonstration sites in Ontario and the U.S. this year. Management says the technology can deliver grid-competitive levelized costs of electricity without subsidies. Morgan Solar has closed the first installment of a Series B funding tranche for US$16.5 million to expand manufacturing and deployment. The Series B funding, together with a US$3.3 million loan from the California Energy Commission, is intended to enable the company to found a manufacturing facility in San Diego while enhancing its manufacturing and R&D presence in Ontario. The company is also in talks with strategic investors to close the remainder of the round. Morgan Solar is a Toronto-based solar energy startup developing a concentrated-photovoltaic (CPV) solar panel called the Sun Simba HCPV. The company increased its first investment round to US$8.2M (up from US$4.7M announced in October 2009). The funds are intended to finance activities through to the commercial release of the Sun Simba HCPV. Early manufacturing for testing and certification has started at Morgan Solar’s facility in Toronto. Initial commercial deliveries were expected by the end of the year, with plans to ramp global sales, manufacturing, and delivery capabilities in 2011. The financing includes participation from strategic and experienced clean-tech investors to support commercialization. Morgan Solar, founded in 2007 and based in Toronto, develops concentrated photovoltaic (CPV) technologies intended to make solar energy significantly less expensive. Its first product to market is the Sun Simba HCPV, built on the company’s proprietary optics technology. John Paul Morgan, the company’s Chief Technology Officer, is the inventor of that optics technology. The recent financing is intended to fund Morgan Solar’s migration from research and development to manufacturing. The company has begun a Round A and has secured an initial tranche of capital to support that transition. An additional investment tranche is expected to close soon.

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