Infinia, a Kennewick, Wash.-based developer of solar power technology, that includes Paul Allen as an investor, seeks to raise $75 million of equity financing to scale production so it can go commercial by June of this year.
AltAssets, citing a regulatory filing, reports that the company has already raised $11.5 million.
Participating in this funding round are Texas-based Equus Total Return, a closed-end fund that trades on the New York Stock Exchange, as well as Power Play Energy, a Connecticut-based green energy-focused private equity fund and GLG Partners, a hedge fund manager based in London.
Besides Paul Allen’s Vulcan Capital, Infinia’s Website also lists Bill Gross’s IdeaLab as an investor.
Infinia has developed a dish-like devise, which uses curved glass mirrors that act as solar concentrator, collecting solar energy that then power a reciprocating solar Stirling engine, to generates electricity.