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The additional capital will be used to support the development, testing, and sales of the company's DragonSCALES(SemiConductor Active Layer Embedded Solar) solar cell technology
Fremont, CA: Innovative solar technology firm mPower raised an additional USD 1.85 million, taking its total Series A funding to USD 4.35 million. The extension round included investments from Cottonwood Technology Fund, NMA Ventures, and various angel investors. The additional capital will be used to support the development, testing, and sales of the company's DragonSCALES (SemiConductor Active Layer Embedded Solar) solar cell technology.
DragonSCALES facilitates disruptive new approaches to a majority of solar applications leveraging small advanced silicon cells integrated on a flexible substrate in a patented, highly interconnected architecture. It also offers unprecedented improvements in system cost, weight, flexibility, resilience, and ease of installation and system integration. "We are experiencing tremendous interest in our DragonSCALES technology, not only for the rapidly growing aerospace market but also for the terrestrial and IoT (Internet of Things) markets," said Kevin Hell, president, and CEO of mPower Technology. "This supplemental capital investment will provide a runway for mPower to ready its innovative technology for large-scale production and rapidly secure large commercial contracts in the space market."
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[vendor_logo_first]Following the initial Series A investment, mPower has gained significant traction, including a recent award of an SBIR (Small Business Innovation Research) contract from the US Army to develop and test solar modules for soldier portable and remote power applications. mPower has also made significant progress in the space solar power market, with several interests in Low Earth Orbit (LEO) satellite constellations.
"Cottonwood looks for 'off-the-curve' innovations in hard science that we believe can introduce disruptive impacts to applicable markets," said David Blivin, Founder and Managing Partner, Cottonwood Technology Funds. "mPower's technology is uniquely positioned to transform the space power market through its significant cost and performance advantages, and this certainly fits with our focus." mPower's revolutionary technology, DragonSCALES, is an entirely flexible, interconnected mesh of small solar cells. By leveraging well-established and affordable materials, processes, and tools from the silicon photovoltaic (PV) and microelectronics industries, DragonSCALES enable entirely new design options for solar power. The technology also remains the constraints of existing silicon and gallium arsenide solar solutions. It enables highly flexible, resilient, light-weight designs that can be rapidly deployed at a meager cost.
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