Semprius Inc., a developer of high concentration photovoltaic solar modules, has closed on $3 million in venture funding. Morgan Creek Capital Management; Illinois Emerging Technologies Fund, which is managed by IllinoisVENTURES; and In-Q-Tel contributed to the investment round. IllinoisVENTURES and In-Q-Tel are existing shareholders in the company. Funding will help the company expedite construction of a pilot plant to produce high-efficiency, low-cost solar modules, the company said.
Semprius, Inc., an innovator in high concentration photovoltaic (HCPV) solar modules, recently secured an additional $3 million in its latest round of venture funding. Morgan Creek Capital Management, Illinois Emerging Technologies Fund, a fund managed by IllinoisVENTURES, and In-Q-Tel contributed to the investment round. IllinoisVENTURES and In-Q-Tel are existing shareholders in the company.
Proceeds from the new funding will be used to expedite construction of a pilot plant to produce high-efficiency, low-cost solar modules. This tranche of funding is a follow-on to the Series C round in July 2011 led by Siemens Venture Capital.
In addition, the company announced that Gregory Wolf, president of Duke Energy Renewables, joined Semprius’ board of directors. Wolf leads Duke Energy’s non-regulated renewable power business that delivers wind and solar energy solutions for customers throughout the United States.
“There is a large market opportunity for Semprius as they capitalize on the growing global demand for utility-scale solar,” said Wolf. “I’m eager to work with this outstanding North Carolina growth company as they accelerate the adoption of solar energy in many key markets.”
Semprius delivers a unique, HCPV module design that begins with its proprietary micro-transfer printing process. This process enables the company to use the world’s smallest solar cell – approximately the size of a pencil point – to create solar modules with unmatched cost and performance advantages.
“The additional capital, together with our investors’ and board’s support, will help us advance key initiatives to position Semprius for aggressive growth,” said Joe Carr, chief executive officer of Semprius. “In addition, the ability to attract an industry veteran like Greg to join our board is a solid testimonial to the value of the technology we are pioneering.”
Semprius, Inc. is the smart way to generate solar electricity. Based upon the world’s smallest solar cells, Semprius designs and manufactures the highest efficiency solar modules in the world. Using patented cell technology and state-of-the-art manufacturing processes, Semprius is leading the way to cost-competitive, sustainable generation of solar electricity. Semprius’ headquarters and production facilities are located in North Carolina.