SolFocus Concentrates on Cash

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solfocusarray2.jpgSolar technology developer SolFocus keeps adding investors. This morning the startup, which makes arrays with lenses and curved mirrors to concentrate sunlight onto solar cells, said it has added $11.6 million to its latest funding round, bringing the total to $63.6 million. This is the close of Mountain View, Calif.-based SolFocus’ Series B round and its subsidiary SolFocus Europe’s Series A round. Overall, the company has raised $95 million.

Why does two-year-old SolFocus feel the need to pile on more investors? SolFocus is trying to grow fast in an attempt to commercialize its technology by the end of this year. Update: SolFocus is not selling in high volume yet, but rather selling select products to customers for installations as test sites. For example SolFocus is developing a 500-kilowatt installation for the Institute of Concentration Photovoltaic Systems program in Castilla-La Mancha, Spain. In order to scale its business and bring down the cost of its trackers, it bought Madrid-based solar tracking company InSpira in July.

The additional funding comes from an “undisclosed hedge fund,” according to Venture Wire. Previous investors in the financing, which we wrote about in September, included New Enterprise Associates, Moser Baer India, David Gelbaum, Metasystem Group, NGEN Partners, and Yellowstone Capital.

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Concentrating Solar SolFocus Looking for Funds « Earth2Tech

[…] Concentrating Solar SolFocus Looking for Funds Written by Katie Fehrenbacher No Comments Posted June 20th, 2008 at 8:24 am in Startups SolFocus, which makes systems that concentrate sunlight onto solar cells, has been slowly adding to its war chest over the last year. And according to a report out today from VentureWire, the Mountain View, Calif.-based company isn’t done fundraising just yet, and is looking to add between $60 million and $80 million in a Series C round. That would be in addition to the $95 million that the firm has already raised. […]

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