Canada-based solar module and component producer Morgan Solar received $10m in funding on Wednesday from investors including energy utility Iberdrola and oil and gas provider Enbridge.
ArcTern Ventures, a venture capital fund affiliated with Toronto innovation hub MaRS Discovery District, led the round, which also featured sovereign wealth fund Kuwaiti Investment Authority’s EnerTech subsidiary.
Founded in 2007, Morgan has developed concentrating solar technology called Sun Simba and a solar tracker dubbed Savana, and it claims when they are used jointly they represent one of the most efficient and highest yielding solar technologies commercially available right now.
Iberdrola and Enbridge participated in the round as existing investors, having contributed to a $28.8m series B round closed in 2011. The round also included moulded parts manufacturer Nypro, Turnstone Capital Management and two undisclosed Canada-based VC investors.
Nypro and Iberdrola also took part in an $8.2m series A round the year before, alongside Turnstone Capital. Morgan Solar has now disclosed approximately $58m in funding, but has also received funding from EnerTech in 2014 as part of a strategic partnership.
Morgan will use the funding to scale production capacity for Sun Simba, according to CEO Mike Andrade, who said: “Because our design builds on proven industry technologies, we will be able to quickly increase production capacity while maintaining quality.
“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.”