When
Yonge Street first wrote about Liberty Village-based solar startup Morgan Solar in 2010, it was big news that the
company had secured $5 million in seed capital and
landed a top-notch CEO. The innovative energy creators have grown since then, so much so that this month they
announced they had raised an additional US$28.8 million in venture capital. The financing will expand Morgan Solar's production of its revolutionary Sun Simba lightweight panels, and expand its sales efforts.
Among the investors is Enbridge, the large natural gas utility, which has invested $10 million (US$9.8 million). According to a statement from Enbridge VP Chuck Szmurlo, this is the energy giant's first investment in solar technology.
"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 announcement caps a big year for Morgan Solar on the capital front. In May
the company announced it had raised US$16.5 million.
Writer: Edward Keenan
Source: Emma Hemmingsen, communications manager, Morgan Solar Inc.