Solar technology firm Semprius has raised $2.1 million in a fundraising effort that could reach up to $4 million, according to securities filings.
The offering is a mix of debt, options and warrants. About a year ago, Semprius announced it had closed on $7.5 million in equity financing with participation from Siemens Venture Capital, ARCH Venture Partners and Intersouth Partners. The Durham company has developed a way to make more efficient solar cells. Semprius’ high concentration photovoltaic technology makes what the company says are the world’s smallest solar cells – about the size of a pencil point. Decreasing the size and increasing the efficiency of solar cells drives down the manufacturing costs of solar modules
Last fall, Semprius opened its first manufacturing plant in Henderson that is expected to employ as many as 250 workers.
Earlier this year, Semprius was named to MIT’s list of 50 disruptive companies. Last year, MIT named Semprius as one of 10 disruptive technologies.
Semprius, which recently opened a production plant in Henderson, is cited in the “Disruptive” list for “using a novel method of concentrating sunlight through tiny lenses to boost the efficiency of solar power.”
The company’s technology is “Manipulating Light to Double Solar Power Output,” MIT Technology Review says.
In 2012, MIT declared Semprius as offering “Ultra-Efficient Solar.”
“Under the right circumstances, solar cells from Semprius could produce power more cheaply than fossil fuels,” the magazine said.
That technology breakthrough has secured Semprius much more important things than publicity – such as investors.
The company launched in 2005, has some 65 employees, and has raised $45 million from a variety of investors, including In-Q-Tel, the investment arm of the CIA.
Jason Pontin, publisher and editor in chief of MIT Technology Review, cited Semprius as ” a solar company worth watching closely. It stands out for its novel method of concentrating sunlight onto tiny solar cells to deliver photovoltaic modules with cutting-edge efficiency and the potential to significantly lower the cost of generating solar electricity.”
