Morgan Solar Inc has secured US$10 million in a follow-on financing. The round was led by ArcTern Ventures, a Canadian clean-tech venture capital firm developed in partnership with MaRS Discovery District. Founded in 2007, Toronto-based Morgan Solar develops technology that aims to make solar power more commercially affordable and accessible. It plans to use the funds raised to increase manufacturing capacity of Sun Simba, a concentrating solar system based on proprietary optic and circuit technology. Morgan Solar’s other investors include Enbridge Inc, Iberdrola SA, Kuwaiti Investment Authority and Turnstone Capital Management.
Morgan Solar Secures $10 Million to Market High-Efficiency Solar Panels
July 13, 2016 – Today, Morgan Solar Inc. announced $10 million in funding led by ArcTern Ventures, a venture capital fund developed in partnership with MaRS Discovery District that provides early-stage capital to companies in the cleantech sector. This is the second round of financing by ArcTern Ventures in Morgan Solar.
Morgan Solar has developed a concentrating solar technology called the Sun Simba™ based on proprietary optic and circuit technology. The Sun Simba™ offers among the highest efficiency and yield of any commercially available solar technology, when used with Morgan Solar’s proprietary Savanna™ tracker.
“Morgan Solar continues to be a flagship investment for ArcTern Ventures,” said Tom Rand, Managing Partner of ArcTern Ventures. “The company has reached a turning point as it transitions from a focus on technology development to global commercial sales. The appointment of Mike Andrade as CEO, with his background in global competitive markets, including solar, brings a wealth of experience to the management team.”
The financing will allow Morgan Solar to increase manufacturing capacity of Sun Simba™. Existing investors include Enbridge, Spanish renewables giant Iberdrola and the Kuwaiti Investment Authority, through its subsidiary, EnerTech.
“Because our design builds on proven industry technologies, we will be able to quickly increase production capacity while maintaining quality,” says Mike Andrade, CEO of Morgan Solar. “The Sun Simba™ System has the potential to offer the best combination of high conversion efficiency and competitive cost. Going forward we are able to leverage advances from investments in adjacent industries to continue to advance our technology — from LED lighting, to plastic moulding, to new multi-junction cells for the satellite industry.”
“I couldn’t be more excited about Morgan Solar’s prospects,” added Rand. “If Canada is going to move the needle on carbon emissions and develop its cleantech industry, then we need to invest in next generation technologies. Morgan Solar, which has recruited some of the brightest engineers from across the country, is making a significant impact in the renewable market.”
About Morgan Solar
Based in Toronto, Ontario, Morgan Solar is a technology company founded in 2007 with the goal of making unsubsidized solar energy competitive with traditional sources of generation. It has pioneered an entirely new approach to the design and manufacture of solar modules and Balance of System (BOS) components. The result is market-disruptive products that will lead the industry in efficiency, durability and low cost. To learn more about Morgan Solar, visit morgansolar.com.
About ArcTern Ventures
ArcTern Ventures is a privately-backed North American venture capital fund with a focus on early stage investments in companies with breakthrough technologies that will positively impact the planet. The fund has developed a unique startup acceleration model through its partnership with one of the largest innovation centers in world, MaRS Discovery District. The fund is managed by Tom Rand and Murray McCaig, two experienced entrepreneurs that bring a wealth of startup experience to their portfolio companies.
About MaRS Discovery District
MaRS Discovery District (@MaRSDD) in Toronto is one of the world’s largest urban innovation hubs. MaRS supports promising young ventures that are tackling key challenges in the health, cleantech, finance & commerce, as well as work & learning sectors. In addition to helping startups launch, grow and scale, the MaRS community is dedicated to cross-disciplinary collaboration, commercialization of discoveries and driving ideas to impact.
For more information, contact:
Nicolas Morgan, VP Business Development
Tom Rand, Managing Partner
MaRS Discovery District
Danielle Klassen, Acting Manager, Community & Media Relations
Photo courtesy of MaRS Discovery District