Germany-based engineering firm Siemens has followed its recent investment in smart-grid manufacturer Tendril Networks by acquiring a 16% stake in US-based solar energy company Semprius for an undisclosed sum as part of a $20m series C round.
The two companies have already partnered in a joint development agreement to develop ‘plug and play’ solar cell demonstration systems, matching Siemens’ electronic expertise with Semprius’ high concentration (HCVP) solar technology. The first test installation, based in Arizona, has been operational since August last year.
Construction on the first production facility is expected to begin in July 2011. The market for solar power is at present relatively undeveloped, but Siemens expect it to grow to up to 6 gigawatts by 2020.
Martin Schultz, vice-president of photovoltaics at Siemens, said: "Siemens will act as a strategic investor to help Semprius scale up its innovative technology to market maturity."
Alongside Siemens Venture Capital, which led the round, were corporate venturing peer Applied Ventures and venture capital firms Arch Venture Partners, Illinois Ventures, Intersouth Partners, In-Q-Tel (which invests on behalf of the US intelligence services) and GVC Investment.
Semprius had previously raised $8.2m from a range of venture capital funds in its second round funding dating back to June 2009, as well as a $3m grant from the US Department of Energy in February last year.