Photovoltaic systems developer SolFocus Inc.
has raised an additional $47.5 million in the first close of a Series C financing.
Apex Venture Partners led the round, with returning investors New Enterprise Associates and NGEN Partners also participating. SolFocus said it anticipates a second close on the round later this month.
The company's technology incorporates specialized mirrors, which concentrate sunlight onto highly efficient solar cells. The panels of mirrors are adjusted throughout the day by a tracking system that follows the sun's path through the sky.
SolFocus said the funding will help take the company's products from demonstration installations to large-scale commercialization. It also announced that it has named its president Mark Crowley as its new CEO. The company closed its $63.6 million Series B financing round in November 2007.
- Olaf de Senerpont Domis See Jan. 9 press release from SolFocus
Continue reading below
