Moser Baer backed SolFocus, which develops Concentrator Photovoltaic (CPV) systems, has raised $47.5 million in the first close of its third round of funding. The round has been led by new investor Apex Venture Partners with follow-on investment by New Enterprise Associates (NEA) and NGEN Partners. Moser Baer has invested in the previous rounds of the California-based company, which has raised over $100 million previously.
SolFocus has also announced that the company president Mark Crowley will take the role of chief executive officer. The previous CEO and founder, Gary D. Conley, will continue as chairman of the board. SolFocus says it's system achieves over 25% efficiency, and uses 1/1,000th of the active, expensive solar cell material compared to traditional silicon-based photovoltaic panels.
Moser Baer PhotoVoltaic, a fully owned subsidiary of Moser Baer, has also raised nearly $200 million in funding from investors like Japan's Nomura, UK Government's CDC Group, IDFC PE, Morgan Stanley, Credit Suisse and IDFC. SolFocus and Moser baer have also signed a clean technology manufacturing and distribution agreement.
Besides SolFocus, Moser Baer has also invested in two more US firms in the cleantech space. It has invested in Silicon Valley-based Stion Corporation, a company that develops photovoltaic cell technologies. Moser Baer has also invested in Solaria, a company that has developed a cheaper technology to produce solar cells.