Morgan Solar Inc., a Toronto-based solar energy start-up, has completed the first part of its Round A investment, securing $4.7 Million from Iberdrola Group SA, Nypro Inc. and Turnstone Capital Management LLC.
The company says it has developed a concentrated solar photovoltaic panel called the Sun Simba HCPV, a high-efficiency, low-cost solar technology designed for utility-scale and large distributed-generation applications.
A syndicate led by Turnstone Capital Management LLC that includes Inversiones Financieras Perseo SL, the venture initiative of Iberdrola Group, and New Ventures Group LLC, the venture investment subsidiary of Nypro Inc., will fund Morgan Solar's migration from research and development to manufacturing. The first tranche of this first investment round is now closed, and an additional investment tranche will close soon.
SOURCE: Morgan Solar Inc.