SolFocus Raises $52 Million

SolFocus, Inc. has closed on $52 million (EUR 38 million) in funding. This included $27.4 million (EUR 20 million) in Series A financing for SolFocus Europe, and the balance as Series B financing for SolFocus, Inc. The financings, both led by New Enterprise Associates (NEA), also include Moser Baer India, Ltd., David Gelbaum, Metasystem Group, NGEN Partners, Yellowstone Capital Inc., and others. SolFocus Europe is headquartered in Madrid, Spain and will serve the European market with CPV, tracker and thermal products. SolFocus Europe operations will include business development, marketing, engineering, research and development activities, and with field operations, including the ISFOC (Institute of Concentration Photovoltaic Systems) program. SolFocus, Inc. was selected as one of three ISFOC winners in October 2006. The ISFOC project is a 3MW installation of CPV technology in Castilla la Mancha, Spain. SolFocus will also continue collaborative work with the Polytechnic University of Madrid and its Institute of Solar Energy (IES) in meeting technology challenges to further the proliferation of solar energy worldwide. SolFocus also recently acquired Inspira, S.L., a Madrid-based provider of solar trackers for the CPV and PV industries. According to SolFocus CEO Gary D. Conley, the company will base its tracker and solar thermal […]

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