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Summary:

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 […]

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.

Concentrating solar photovoltaic systems are a weird bird. They fall somewhere between the massive solar thermal plants being built in the desert, and the standard photovoltaic panels that are becoming common on rooftops around the world. Unlike standard solar panel systems, “concentrating PV” setups use arrays with lenses and curved mirrors to focus the sunlight onto cells, which can produce more power with less material — SolFocus notes a 1 square centimeter cell can capture more than 500 square centimeters of sunlight. The setup reduces the amount of largely silicon-based panels used, and can significantly cut down on the cost of the system.

SolFocus is a little over two years old and is trying to grow fast in an attempt to commercialize its technology. The company is already selling select products to customers for installations as test sites, like a 500-kilowatt installation for the Institute of Concentration Photovoltaic Systems program in Castilla-La Mancha, Spain. Last July it bought Madrid-based solar tracking company InSpira to help scale the business by bringing down the cost of the trackers it uses.

The VentureWire report says SolFocus is now looking to raise funds for “growth and manufacturing.” Previously the company was funded by New Enterprise Associates, Moser Baer India, David Gelbaum, Metasystem Group, NGEN Partners and Yellowstone Capital.

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By Katie Fehrenbacher

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  1. Good for them,is a great company.

  2. Israeli Solar Tech to Power Server Farms « Earth2Tech Wednesday, June 25, 2008

    [...] its not surprising that DISP has a lot of competition. Last week, high-profile, venture-backed firm SolFocus was reported to be raising between $60 million and $80 million in a Series C round for its concentrating solar [...]

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    [...] by 2010." Talk like that has tickled investors’ imaginations: They’ve already poured $95 million into the company through two rounds of [...]

  5. SolFocus Builds Out First Phase of Spanish Solar Plant « Earth2Tech Wednesday, July 30, 2008

    [...] in Madrid, has been filling its war chest to help it build more systems like the ISFOC plant. In June the two year old company was reported to be looking to add between $60 million and $80 million in a [...]

  6. Nancy Pelosi to Turn On Solar-Powered Radio Station « Earth2Tech Thursday, October 30, 2008

    [...] Moser Baer India, David Gelbaum, Metasystem Group, NGEN Partners and Yellowstone Capital, and it’s reported to be looking to add between $60 million and $80 million in a Series C round. In Spain SolFocus says it has completed [...]

  7. Nancy Pelosi to Turn On Solar-Powered Radio Station | Alternative Energy News Thursday, October 30, 2008

    [...] Moser Baer India, David Gelbaum, Metasystem Group, NGEN Partners and Yellowstone Capital, and it’s reported to be looking to add between $60 million and $80 million in a Series C round. In Spain SolFocus says it has completed [...]

  8. SolFocus Signs Major Solar Concentrating PV Deal « Earth2Tech Monday, November 3, 2008

    [...] Baer India, David Gelbaum, Metasystem Group, NGEN Partners and Yellowstone Capital. The company is reportedly looking to add between $60 million and $80 million in a Series C [...]

  9. SolFocus Raises $47.5M for Concentrating PV Solar « Earth2Tech Thursday, January 8, 2009

    [...] will announce it has raised $47.5 million in the first tranche of a series C round. The company had reportedly been looking to raise closer to $60 million to $80 million for this round, and SolFocus confirmed with us that the entire [...]

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