We’ve been following Morgan Solar, which has developed a novel concentrating photovoltaic module, for a while. Until last fall, friends and family largely backed the startup, launched by a University of Toronto graduate. Then, in October, the company raised $4.7 million in an inaugural round of funding backed by a string of blue-chip investors, including Spain’s Iberdrola Renewables. The Series A funding helped put this promising solar venture on the map.
Yesterday, Toronto-based Morgan Solar said that it has increased its Series A funding to $8.2 million. Turnstone Capital Management, a New York-based asset management firm, led the funding. Morgan also got cash from the Iberdrola and Nypro venture capital firms and two unnamed Canadian VC groups.
When we last spoke to company founder John Paul Morgan in October, he had indicated that the company was looking to significantly grow its Series A funding.
Nicolas Morgan, the company’s head of business development and brother of John Paul Morgan, said it plans to use the proceeds to scale production of its concentrated photovoltaic solar panel, the Sun Simba HCPV.
Initial commercial deliveries of the panels are expected by the end of the year, according to the company.