July 9, 2009
Based in Mountain View, California, Solar Panel Contractor; SolFocus announced today that it had raised $77.6 million in series C funding with Apex Venture Partners leading the funding. Other vc firms that participated in this round of funding include NEA, or New Enterprise Associates; NGN, and Yellowstone Ventures.
SolFocus is a leading solar panel contractor, which has its main offices in Mountain View California and its European offices in Madrid, Spain. The specialty of SolFocus are the solar panels that employ CPV or concentrator photovoltaic technology. CPV is an innovative form of solar technology that allows for the solar panels to generate the maximum amount of electricity using solely solar panels, eliminating the need for using fossil fuels to power conventional generators. The mission of SolFocus is to level the cost of electricity generation using this new CPV technology incorporated in its solar panels, creating a competitive cost compared to the cost incurred with conventional electricity generation with the use of fossil fuels or nuclear fuel.
Proceeds from this round of funding will go to ramp up the sales and production of SolFocusâ€™s CPV solar panels and rapid manufacturing. Furthermore, this large sum that SolFocus has raised shows the confidence that the companyâ€™s investors have in the rapid growth of the company and the potential for success in the marketplace. In this age of environmental awareness, there is always a need to develop innovative technologies which offer a cleaner alternative to the use of conventional fossil fuels.
According to the CEO and president of SolFocus, Mark Crowly, the fact that SolFocus was able to close a round of funding with a sum of money that exceeds $77 million is no ordinary feat. Furthermore, such a large investment from the companyâ€™s investors is a good indication of the market expectations that SolFocus has for its CPV solar panals. Furthermore, the funding will help SolFocus to commercialize CPV technology this year and meet the demands of manufacturing on a global scale.
According to Wayne Boulais of Apex Venture Partners, SolFocus shows the right mix of innovation and executive determination to be able to provide low cost solar energy in high sun areas worldwide. In todayâ€™s environment, with the financial crisis and a tight venture capital market, finding a right blend of original technology that works well in the marketplace can be a challenge. However, as far as Apex is concerned, SolFocus fits the criteria for a good investment opportunity. The technology that SolFocus is developing is truly innovative and the low cost in running it can disrupt the alternative energy markets.
As part of the agreement with Apex Venture partners, Mr. Boulais will join SolFocusâ€™s board of directors.
Apex Venture Partners is a vc firm that is based in Chicago, Illinois and invests in companies that have a high potential for value creation in the tech, software, IT, communications, and infrastructure industries. Apex Venture Partners was founded in 1987 and since its inception the vc firm has invested in over 130 companies. Today Apex is one of the most prominent vc firms in Chicago and has over $600 million of capital under its management. Some other companies in Apexâ€™s portfolio include 42 Friends, Agami Systems, BFG Technologies Bitwave Semiconductor, Bloom Energy, Cogency Software, and others.
For more information about SolFocus, click here.