Morgan Solar snags $16.5 million on way to closing Series B funding round
News that Toronto-based Morgan Solar raised another $16.5 million leaked out last week but the concentrated solar PV company is about to confirm the details, which include the fact that strategic investors Iberdrola and Nypro have returned for more. They join newcomer The Frost Group LLC, a private investment firm based in Miami that is led by Dr. Phillip Frost, who is also chairman of Teva Pharmaceuticals and CEO and chairman of OPKO Health, a publicly traded healthcare company that develops and commercializes a wide variety of medical products. The $16.5 million represents the bulk of what Morgan Solar is trying to raise in this round. For the rest, it’s aiming to bring aboard another strategic investor that has experience with project finance or develpment capabilities.
Morgan Solar is in the middle of ramping up. This year it expects to complete a number of demonstration projects at sites in Ontario and the United States. It’s establishing a manufacturing facility in San Diego, and it’s expanding its existing manufacturing and R&D presence in Ontario. The company’s Sun Simba product allows for the creation of super-thin CPV modules using proprietary light-guide solar optics, which continue to be unique in the industry as far as I can tell. Morgan Solar promises to deliver solar power — without subsidies — at costs that are grid competitive, and the company says it can offer this low-cost solar option this year, not in five years.
Personally, I look forward to checking out Morgan’s Ontario demonstration sites once they are complete, and I sincerely hope the Ontario government figured out a way to accommodate the company in the province’s feed-in-tariff program. Apparently there were some hiccups because the province’s local content rules didn’t account for the availability of CPV systems. Tisk, tisk.