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Solar tech developer SolFocus targets $35m for Series E

15 Aug 2012

US-based concentrated photovoltaic (CPV) specialist SolFocus is reportedly targeting $35m in its Series E investment round as it looks to recapitalise.

The business has already secured $15m of growth equity and has brought on advisor Advanced Equities as it looks to raise further case.

According to new reports, CEO Mark Crowley said in a conference call that the $15m had been secured by existing investors Apex Venture Partners, NGEN Partners and New Enterprise Associates and the post-money valuation would shoot the business past the $100m mark.

Last month, the company provided modules to Italian contractor Delta for one of the largest CPV installations in the country.

It has also partnered with Grupo Musa and US-based energy developer Synergy Technologies to launch a 450MW solar project in Baja California near Tecate, Mexico.

Advanced Equities has previously worked with both Fisker Automotive and Bloom Energy as they have attempted to source additional funds.

No filings have yet been made with the Securities & Exchange Commission.

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