SolFocus, a developer of concentrator photovoltaic (CPV) systems, has raised $47.5 million in the first close of its Series C financing. The company says it will use the funding to accelerate expansion of its manufacturing operations and extend its early base of commercial CPV deployments. SolFocus aims to grow deployments from 0.5 MW in 2008 to approximately 100 MW by the end of 2010.
The round was led by Apex Venture Partners, with follow-on investment by New Enterprise Associates, NGEN Partners and others. The company anticipates a second close later this month.
In addition, the company has appointed Mark Crowley CEO. He was named president in August 2008.
SOURCE: SolFocus
