Morgan Solar Inc. Closes B Round at USD $28.8 Million, with USD $9.8 Million Investment From Enbridge Inc.
TORONTO, Nov. 29, 2011 /PRNewswire/ - November 29, 2011 - Morgan Solar Inc. announced today it has secured a USD $9.8 million (CAD $10 million) investment from Enbridge Inc., a North American leader in oil and natural gas delivery with expanding interests in renewable energy generation. In March 2011, Morgan Solar set out to raise between USD $20 to $25 million. The Enbridge investment represents an oversubscription of the round to a total of USD $28.8 million.
Morgan Solar is a Toronto-based company manufacturing the Sun Simba™, a turnkey, rapidly deployed solar energy generation solution. The Sun Simba™ is fully integrated with the company's lightweight, self-ballasted Savanna™ tracker, and easily scaled from 10-kilowatt to multi-megawatt installations. The fundamental innovation behind the Sun Simba™ is the patented Light-guide Solar Optic, which enables an ultra low-profile, lightweight Concentrated Photovoltaic system that costs less to build, ship, deploy, and maintain than competing technologies. In areas with moderate to high direct sunlight, the Sun Simba™ will offer a lower Levelized Cost of Electricity (LCOE) than solar technologies on the market today, or known to be under development.
Morgan Solar's President and Co-Founder John Paul Morgan said of the raise, "Enbridge's investment is recognition of the improved value proposition offered by Morgan Solar's Sun Simba™ - an advanced solar technology with the potential to significantly boost project returns for companies like Enbridge, which are building a portfolio of renewable energy generation assets."
Enbridge is growing its solar power business. The company currently owns three solar facilities that together have the capacity to generate about 100 MW of electricity. Among Enbridge's solar facilities is the 80 MW Sarnia Solar Project, which is one of the largest operating photovoltaic facilities in the world.
"While Enbridge is now well established as a generator of solar electricity, our investment in Morgan Solar is our first investment in solar technology," said Chuck Szmurlo, Enbridge's Vice President, Alternative & Emerging Energy. "We've been excited for a long time about the potential for solar electricity, and we're now pleased to help advance innovative ideas that will help reduce costs and enable the increasingly economic deployment of this emissions-free energy source. We look forward to playing a role in Morgan Solar's growth."
The close of this Round brings Morgan Solar's total private investments to date to USD $38 million. The B Round also included reinvestments from strategic investors Iberdrola S.A., the world leader in installed new renewable energy generation capacity, with 13.5 gigawatts of wind, solar, and hydro worldwide, and Nypro Inc., a global contract manufacturer specializing in precision injection molding for numerous Fortune 500 companies. Nypro is Morgan Solar's partner in manufacturing the Sun Simba™ optical assembly. The round also saw new investments from The Frost Group, a private investment firm based in Miami, Florida, and a Canadian private investment fund.
Morgan Solar will use the funds to expand the manufacturing capacity for the Sun Simba™, to invest in sales development, and to continue to develop and expand its portfolio of next generation solar technologies.
© 2011 Morgan Solar Inc.
The Morgan Solar, Sun Simba and Savanna families of related marks, images and symbols are the exclusive properties and trademarks of Morgan Solar Inc. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. Morgan Solar Inc. assumes no obligations or liability and makes no representation, warranty, endorsement or guarantee in relation to any aspect of any third party products or services.
SOURCE Morgan Solar, Inc.