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Posted: August 1, 2008
Cyrium Technologies Raises $15 Million
(Nanowerk News) Cyrium Technologies,
a developer of high efficiency multi-junction solar cells for concentrator
photovoltaic systems, announced that the firm has closed a Series B round
of funding for a total of $15 million.
The round was led by The Quercus Trust of Costa Mesa, California.
Major investors from previous rounds of financing also participated in this round
including: BDC Venture Capital, Chrysalix Energy Venture Capital, and Pangaea
Cyrium is a developer of innovative solutions in the solar renewable energy field.
Cyrium’s solar cell technology significantly improves power generation while
reducing its cost thereby making large scale power generation using concentrator
photovoltaic systems commercially feasible. Product development at the
company continues to go extremely well and the company is looking to work with
a number of different customers as it prepares its first products.
Steve Eglash, CEO of Cyrium Technologies, welcomed The Quercus Trust
investment. “Cyrium’s momentum has been building steadily and the
concentrator photovoltaic market is poised for rapid growth. The strong support
of all of our investors including The Quercus Trust will help Cyrium to achieve
Commenting on the investment, Purnesh Seegopaul of Pangaea said: “Cyrium
is on the threshold of developing solar cell technology that will enable CPV
systems to achieve grid parity. That’s something we feel is important and we are
pleased to be part of the team that makes that happen.”
Simon Fafard, Founder and CTO, is excited about the B-round financing: “This
investment is what Cyrium needs to commercialize its solar cells and enable
CPV to be more competitive, thus promoting massive deployment of renewable
Funds from the Series B round will be used to further the development and
testing of Cyrium’s photovoltaic solar cell products and establish volume
About Cyrium Technologies
Cyrium Technologies is developing a proprietary breakthrough technology that
significantly increases photovoltaic solar cell efficiency over state of the art
products. The company received its first venture capital funding in 2004.
Cyrium’s strategy is to become a leader in the design and production of high
efficiency photovoltaic solar cells. The company’s product addresses the
concentrator photovoltaic (CPV) market and enables a substantial cost reduction
in solar power. As part of its product and commercialization strategy, Cyrium is
working with leading CPV system manufacturers to address their worldwide
product and business needs. Visit www.cyriumtechnologies.com for more