Semprius gets $20m to build innovative PV plant
Published Thursday, 30th June 2011
Semprius, a developer of high-concentration photovoltaic (HCPV) solar modules, has secured $20 million in funding to pay for the construction of a pilot module manufacturing plant.
“Demand for CPV is expected to grow exponentially over the next several years to greater than 6 gigawatts by 2020,” said Joe Carr, president and CEO of Semprius.
Semprius builds its modules using novel processes that combine extremely tiny solar cells with low-cost, efficient optics to concentrate incoming sunlight more than 1,000 times. The company claims that, despite the high level of solar concentration, its modules remain cool, helping to ensure long-term reliability and performance.
Semprius also uses an automated manufacturing process to help reduce capital and labor costs. It aims to use the new funding and manufacturing plant to scale up and optimize its processes for large-capacity production.
Siemens Venture Capital led the investment round and was joined by ARCH Venture Partners, Applied Ventures, Illinois VENTURES, Intersouth Partners, In-Q-Tel and GVC Investment.
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