VCCircle

SolFocus, the US based solar panel manufacturing company, has raised a fresh capital of $11 million from the existing investors in a round led by US VC fund New Enterprise Associates, and joined by Moser Baer India, US venture capital funds NGEN Partners and Yellowstone Capital Inc, MetaSystem Group as well as individual investor David Gelbaum.
This $11 million will be added to the $52 million the company raised in September. The $63 million was split between California-based SolFocus and its affiliate SolFocus Europe Inc. of Madrid.
In July 2006, SolFocus had raised $32 million in Series A round led by NEA with participation from NGEN, Yellowstone Capital and Moser Baer. In March 2006, NGEN and Yellowstone Capital had backed the company with $3.5 million in seed money. Moser Baer, which contributed $7 million to the first round, is also the volume manufacturer of the company's products and the exclusive distributor of SolFocus' panels in India and neighbouring countries.
SolFocus is a developer and manufacturer of solar energy equipment, including concentrator photovoltaic, or CPV, systems, as well as trackers and thermal technology.
Moser Baer Photo Voltaic itself had recently raised $100 million from a group of PE funds led by IDFC Private Equity, joined by Singapore's GIC, CDC Group and IDFC.