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SolFocus boosts second-round funding by $11.6m to $63.6m
Semiconductor Today, November 22, 2007
Excerpts from the article:
SolFocus Inc of Mountain View, CA, USA, a Palo Alto Research Center spin-off that manufactures III-V-based concentrator photovoltaic (CPV) systems, has raised a further $11.6m, led by New Enterprise Associates (NEA) and joined by Moser Baer India Ltd, Metasystem Group, NGEN Partners and Yellowstone Capital Inc.
The latest $11.6m in funding supplements $52m raised in September - which included $24.6m in Series B financing for SolFocus Inc plus $27.4m in Series A financing for SolFocus Europe in Madrid, Spain (spun off in September) - totaling $63.6m in second-round funding. Together with $32m from SolFocus Inc’s Series A round in June 2006 (led by NEA), total venture capital is now over $95m.
As well as supporting the US efforts in product development in trackers and solar thermal, the Series A funding for SolFocus Europe will allow the firm to expand sales and projects for the growing European marketplace...The Series B funding for SolFocus Inc will ramp up commercial-scale production, Hartsoch adds. The firm has concentrated on R&D and prototyping, but will move to high-volume manufacturing between now and the third and fourth quarters of 2008, she adds.
SolFocus Europe also announced its five-person board of directors...“Each board member brings expertise from an area critical to directing the company in establishing itself as the premier supplier of clean, renewable solar energy to the European community,” says Conley.
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