Toronto-based Morgan Solar Inc. has secured a $9.8 million investment from Enbridge Inc., a North American provider of oil and natural gas delivery that has also recently expanded its renewable energy activity.
In March, Morgan Solar set out to raise between $20 million and $25 million. The Enbridge investment represents an oversubscription of the round to a total of $28.8 million, Morgan Solar says.
Morgan Solar is currently manufacturing the Sun Simba, a turnkey concentrating PV energy generation product. The Sun Simba is fully integrated with the company's lightweight, self-ballasted Savanna tracker, and can be scaled from 10 kW to multi-megawatt installations, the company adds.
Morgan Solar plans to use the new funds to expand manufacturing capacity for the Sun Simba, invest in sales development, and continue to develop and expand its portfolio of solar technologies.