TORONTO, Nov. 29, 2011 /CNW/ - November 29, 2011 - Morgan Solar Inc.
announced today it has secured a USD $9.8 million (CAD $10 million)
investment from Enbridge Inc., a North American leader in oil and
natural gas delivery with expanding interests in renewable energy
generation. In March 2011, Morgan Solar set out to raise between USD
$20 to $25 million. The Enbridge investment represents an
oversubscription of the round to a total of USD $28.8 million.
Morgan Solar is a Toronto-based company manufacturing the Sun Simba™, a
turnkey, rapidly deployed solar energy generation solution. The Sun
Simba™ is fully integrated with the company's lightweight,
self-ballasted Savanna™ tracker, and easily scaled from 10-kilowatt to
multi-megawatt installations. The fundamental innovation behind the Sun
Simba™ is the patented Light-guide Solar Optic, which enables an ultra
low-profile, lightweight Concentrated Photovoltaic system that costs
less to build, ship, deploy, and maintain than competing technologies.
In areas with moderate to high direct sunlight, the Sun Simba™ will
offer a lower Levelized Cost of Electricity (LCOE) than solar
technologies on the market today, or known to be under development.
Morgan Solar's President and Co-Founder John Paul Morgan said of the
raise, "Enbridge's investment is recognition of the improved value
proposition offered by Morgan Solar's Sun Simba™ - an advanced solar
technology with the potential to significantly boost project returns
for companies like Enbridge, which are building a portfolio of
renewable energy generation assets."
Enbridge is growing its solar power business. The company currently owns
three solar facilities that together have the capacity to generate
about 100 MW of electricity. Among Enbridge's solar facilities is the
80 MW Sarnia Solar Project, which is one of the largest operating
photovoltaic facilities in the world.
"While Enbridge is now well established as a generator of solar
electricity, our investment in Morgan Solar is our first investment in
solar technology," said Chuck Szmurlo, Enbridge's Vice President,
Alternative & Emerging Energy. "We've been excited for a long time
about the potential for solar electricity, and we're now pleased to
help advance innovative ideas that will help reduce costs and enable
the increasingly economic deployment of this emissions-free energy
source. We look forward to playing a role in Morgan Solar's growth."
The close of this Round brings Morgan Solar's total private investments
to date to USD $38 million. The B Round also included reinvestments
from strategic investors Iberdrola S.A., the world leader in installed
new renewable energy generation capacity, with 13.5 gigawatts of wind,
solar, and hydro worldwide, and Nypro Inc., a global contract
manufacturer specializing in precision injection molding for numerous
Fortune 500 companies. Nypro is Morgan Solar's partner in manufacturing
the Sun Simba™ optical assembly. The round also saw new investments
from The Frost Group, a private investment firm based in Miami,
Florida, and a Canadian private investment fund.
Morgan Solar will use the funds to expand the manufacturing capacity for
the Sun Simba™, to invest in sales development, and to continue to
develop and expand its portfolio of next generation solar technologies.
© 2011 Morgan Solar Inc.
The Morgan Solar, Sun Simba and Savanna families of related marks,
images and symbols are the exclusive properties and trademarks of
Morgan Solar Inc. All other brands, product names, company names,
trademarks and service marks are the properties of their respective
owners. Morgan Solar Inc. assumes no obligations or liability and makes
no representation, warranty, endorsement or guarantee in relation to
any aspect of any third party products or services.
SOURCE Morgan Solar, Inc.
For further information:
Emma Hemmingsen, Communications Manager, Morgan Solar Inc. at emma [dot] hemmingsen [at] morgansolar [dot] com, or 416-203-1655