Canada-based solar power technology company Morgan Solar secured $9.8m in funding on Tuesday from oil and natural gas delivery corporation Enbridge, taking its series B round to an oversubscribed $28.8m.
Enbridge joined energy group Iberdrola and plastics manufacturer Nypro is funding the round. The round follows a similarly oversubscribed series A round last year, which raised $8.2m from Iberdrola, Nypro, investment management firm Turnstone Capital Management and two unnamed Canada-based venture capital groups. Morgan’s overall financing stands at $38m since its inception in 2007.
Morgan’s lead product is the Sun Simba, a solar module that costs less to build, ship and maintain than competing solar technologies. One of the largest working solar facilities in the world is operated by Enbridge using Sun Simba technology, while Nypro is Morgan’s partner in its manufacturing.
Chuck Szmurlo, vice president of alternative and emerging energy at Enbridge, said: "While Enbridge is now well established as a generator of solar electricity, our investment in Morgan Solar is our first investment in solar technology."
Szmurlo continued: "We’ve been excited for a long time about the potential for solar electricity, and we’re now pleased to help advance innovative ideas that will help reduce costs and enable the increasingly economic deployment of this emissions-free energy source. We look forward to playing a role in Morgan Solar’s growth."