SolFocus, a Mountain View, Calif. based startup that develops solar concentrator technology will announce tomorrow that it has acquired Madrid-based solar tracking company InSpira. The companies wouldn’t release the financial details of the deal, but said that Inspira will continue to market its trackers under its own name. Update: Here’s the release.
SolFocus’ concentrating technology uses lenses and curved mirrors to concentrate sunlight onto solar cells. Its arrays are mounted on trackers that orient panels to track the sun in order to maximize the power output throughout the day. InSpira develops such tracking technology, and SolFocus was already purchasing the technology for use in its solar systems before the acquisition deal.
SolFocus has been growing rapidly over the past few months, and now has 60 employees and has raised $32 million in venture money from firms like New Enterprise Associates, NGEN Partners and Yellowstone Capital. Despite its fast growth, the company won’t start commercializing its technology until the end of 2007.
SolFocus thinks it can help InSpira scale its business and bring down the cost of its trackers. Nancy Hartsoch, SolFocus’ Vice President of marketing said “the tracker is a large part of the whole system cost. If we can bring that down it will be a big benefit for the industry.”
Photo provided by SolFocus.