CED Member Semprius, Inc, an innovative company that designs high concentration photovoltaic (HCPV) solar modules, recently secured an additional $3 million in its latest round of funding. The new funding will be used to expedite construction of a pilot plant to produce high-efficiency, low-cost solar modules.
This follow-on funding round was led by Morgan Creek Capital Management, Illinois Emerging Technologies Fund, a fund managed by IllinoisVENTURES and In-Q-Tel. IllinoisVENTURES and In-Q-Tel are existing shareholders in the company.
In addition, Semprius announced that Gregory Wolf, president of Duke Energy Renewables, joined Semprius’ board of directors. Wolf leads Duke Energy’s non-regulated renewable power business that delivers wind and solar energy solutions for customers throughout the United States.
“There is a large market opportunity for Semprius as they capitalize on the growing global demand for utility-scale solar,” said Wolf. “I’m eager to work with this outstanding North Carolina growth company as they accelerate the adoption of solar energy in many key markets.”
Semprius delivers a unique, HCPV module design that begins with its proprietary micro-transfer printing process. This process enables the company to use world’s smallest solar cell – approximately the size of a pencil point – to create solar modules with unmatched cost and performance advantages.
Semprius is headquartered in Durham, NC. More information can be found online at: www.semprius.com. Information summary came from recent press distributed by the company.