Morgan Solar, Toronto-based developer of solar photovoltaic and lighting products, has raised $28.8 million in its second round of venture capital financing. Enbridge Inc., a North American leader in oil and natural gas delivery, provided $9.8 million of the total amount. The financing will be used to expand the manufacturing capacity for its solar energy technology Sun Sun Simba, to invest in sales development, and to continue to develop and expand its portfolio of next-generation solar technologies.
With the recent financing round, Morgan Solar’s total private investments to date have reached $38 million. Strategic investors Iberdrola, the world leader in installed new renewable energy generation capacity, and Nypro, a global contract manufacturer specializing in precision injection molding for Fortune 500 companies, participated in the B round. The Frost Group, a private investment firm based in Miami, Florida, and a Canadian private investment fund also provided the financing.
Click here for the release from Morgan Solar.