Energy Innovations, Inc., currently developing the world’s first low-cost rooftop photovoltaic (PV) solar concentrator system, has received $16.5 million in new venture funding.
The round was led by MDV-Mohr Davidow Ventures, based in Menlo Park, CA, with additional participation from founding investor, Idealab, based in Pasadena, CA. The new funds will be used to further the company’s sales and product development initiatives and for company operations. Said MDV general partner Erik Straser, who will join the Energy Innovations board of directors, “They have made some important breakthroughs that have the potential to drive down the cost of solar electricity, and we look forward to working with them on commercializing these new technologies.”
Energy Innovations is developing a new low-cost rooftop solar system, called the Sunflower. Each Sunflower module is composed of an array of mirrors that track the sun throughout the day and year, concentrating its light onto a small panel of PV cells that generate electricity. By replacing large amounts of very expensive, silicon-based PV cells with inexpensive mirrors, Energy Innovations expects to drive down the cost of solar electricity by half or more.
The company is currently testing the Sunflower on its own roof in Pasadena and will soon be rolling out additional test units to sites in different climate zones. Following Underwriters Laboratory certification later this year, Energy Innovations’ subsidiary, EI Solutions, will begin installing Sunflower systems on customer rooftops in the fourth quarter. The system is designed to meet the electrical needs of grid-tied, flat-roofed commercial, government and other institutional buildings, the fastest-growing segment of the solar market.