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 Ventures Ltd.
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 critical milestones.”
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 solar energy.”
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 manufacturing.
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 for more information.
Source: Cyrium Technologies
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