Morgan Solar Inc. announced today that Enbridge Inc. (NYSE: ENB) has invested $9.8 million as part of a $28.8 million round of funding.
Enbridge was brought on as investor to help commercialize the company’s concentrating photovoltaic panels, reports CNET News.
Enbridge is focused mostly on oil and gas distribution, Morgan Solar is the first solar technology company they have invested in, reports CNET.
Morgan Solar’s technology has a step up on competitors. Their solar concentrators are made from glass and acrylic and light is focused onto high-end, multi-junction solar cells. The concentrators are thin in comparison to others on the market, making them stand up against wind better, says Morgan Solar.
TechFinacne.ca reports that Morgan Solar “… is a developer of the Sun Simba, a turnkey, rapidly deployed solar energy generation solution. The Sun Simba is fully integrated with Morgan Solar’s lightweight, self-ballasted Savanna tracker, and easily scaled from 10-kilowatt to multi-megawatt installations.”
Morgan Solar’s innovative technologies make them an ideal investment opportunity.
The company’s B Round investors include returning investors, Inversiones Financieras Perseo SL/Iberdrola Group SA and New Ventures Group LLC/Nypro Inc., and new investors, Frost Group and an unnamed Canadian private investment fund.
That’s all for now,