SolFocus Lands $52M
by
Andrea Quong
on
04 September 2007, 15:41
Categories:
Cleantech
Topics:
solar energy
,
solar power
,
SolFocus
,
Inspira
,
SolFocus Europe
,
Institute of Concentration Photovoltaic Systems
,
Castilla-La-Mancha
Solar
concentrator developer SolFocus said Tuesday it has landed $52 million,
an infusion it says it will use to establish a European subsidiary based in
Madrid and to take steps to capture the European market for solar.
A little
less than half of the amount will be used to launch SolFocus Europe, the new
Madrid-based subsidiary, while the remainder will go to the parent company as a
second funding round. New Enterprise Associates was joined in the deal by Moser
Baer India, Metasystem Group, NGEN Partners, Yellowstone Capital, David
Gelbaum, and other investors, the company said. The infusion brings SolFocus’
total funding to date to $84 million.
Europe has the “infrastructure and an employee talent base that
has a lot of knowledge about solar,” said VP of Marketing Nancy Hartsoch. “In
the U.S.,
there’s a limited amount of people that have a solar background because the
business is not as developed here.” A possible second closing at the end of the
month could bring the total amount of the infusion to $70 million, she said.
The
Mountain View, California-based startup has taken aggressive steps in recent
months to secure a foothold in Europe, particularly in Spain, which
currently has one of the most attractive incentive programs in the world for
solar energy.
Earlier
this summer, SolFocus bought Madrid-based Inspira, a maker of devices that, by
tracking the sun in two directions, can get up to 40 percent more power from
conventional silicon-based panels over the course of a day in sunny climes than
conventional trackers, Ms. Hartsoch said.
SolFocus
is also at work on a 500-kilowatt installation of concentrated photovoltaic
system for the Institute of Concentration Photovoltaic Systems program in
Castilla-La Mancha, Spain,
the company said.
Solar
concentration systems, which use optics to focus sunlight on photovoltaic
cells, are the core of SolFocus’s technology, but they are only suitable for
areas with a lot of intense sunlight, for example the Mojave
Desert.
The
company is also developing solar thermal technology, which creates steam heat
from solar energy for industrial applications like food processing,
agriculture, and oil removal, according to Ms. Hartsoch.
SolFocus
Europe will focus on developing products using the parent company’s solar thermal
technology and commercializing its tracker technology both for commercial,
industrial, and power field conventional, silicon-based photovoltaic systems as
well as for concentrator photovoltaic systems for the European market, Ms.
Hartsoch said.
Parent
company SolFocus expects to earn 60 percent of its sales worldwide from the
European market next year, she said.