Morgan Solar, a Canada-based renewable energy producer, has raised $16.5m in the first tranche of its series B round from a consortium including two of its existing corporate venturing investors.
Spanish utility Iberdrola Group’s Inversiones Financieras Perseo, and manufacturer Nypro’s New Ventures Group reinvested and were joined by investment manager Frost Group.
Morgan Solar said it was in discussions with strategic investors to close the remainder of the B round.
The money will be used to make and sell Morgan’s Sun Simba concentrated photovoltaic module.
Founded in 2007, Morgan Solar raised $8.2m in its A round in 2009 from Iberdrola (which invested $2.5m), Nypro, Turnstone Capital Management and two unnamed Canadian venture capital groups.