The Morgan Brothers have a lot to thank for this weekend. The co-
Founder of Toronto Start-
They have just finished their first round of financing, and one of the strategic investors is among the world's largest power companies.
Utilities and Renewable Energy in Spain-
Energy giant Ibidrola Group has invested $2. 5 million (U. S. )
As part of $4.
7 million rounds of financing for the construction of a new pilot production line of concentrated solar photovoltaic（CPV)
Group, Sun Simba.
Last November, Morgan Solar made its first appearance in Toronto Star, inventing a flat, low solar cell. -
Cost optics can capture direct light and concentrate it as if 1000 suns were emitting to it.
Concentrated light is directed high-
Efficient solar cells, about the size of baby thumbnails, are expected to cost much less to generate electricity than traditional systems today.
"Over the past few years, we have examined hundreds of investment opportunities and invested only in Morgan Solar and four other companies," said Pedro Velasco, director of Iberdrola.
"We saw a winner and we took action as soon as we saw that position.
"Obviously, this is Ibidrola's first investment in a solar technology company, and the company itself illustrates something.
The company has the world's largest portfolio of renewable energy products. -
Energy investment, but it is mainly known as the world's top developers of wind power projects.
This is a good ally.
Other investors include Turnstone Capital Management LLC and Nypro Inc. in New York.
A large plastic injection molding company based in Massachusetts.
NYPRO's interests are strategic because the company is an expert in manufacturing processes that Morgan Solar intends to use.
John Paul Morgan, 31, who invented Morgan Solar's CPV technology and founded it in 2007, said: "These companies worked with us very early, which made me realize how big this could be. "
Morgan is an optical engineer who started work at JDS Uniphase, a telecommunications giant. in Ottawa.
He runs the company with his brother Nicholas, the director of business development.
Their father and founding investor, Eric Morgan, is the chairman.
The family retains majority control of the company.
Last month, Morgan Solar moved into a new Armament Street headquarters.
Just east of Freedom Village, its technology will be shown here.
Commercial production of Sun Simba panel is expected to start in 2010, starting with the pilot production line.
The company is discussing securing up to $3.
An increase of 8 million-
About the financing round.
Nicolas Morgan, 35, said: "Before we start making predictions, we have a lot to prove, but we expect the total number to rise rapidly. " He added that the current salary of 13 people is expected to double by mid-year. -2010.
The company is also looking for a CEO who can lead the company through its initial growth phase.
So far - and I stress that so far, because the discussion is still going on - it is a pity that Canadian investors have not locked in this promising local company.
Morgan Solar has shown that it plans to stay in Ontario now by building new operations in Toronto and concentrating R&D and initial manufacturing there.
Frankly speaking, if you are a developer in Ontario, the province is not a bad place. -
Manufacture solar panels.
Local Content Rules Included in Provincial New Sources-in-
Tariff plans for renewable energy have led solar developers to scramble for manufacturing-in-Ontario products.
Sun Simba, designed for large solar farms, can help meet local requirements once Morgan Solar starts its commercial production line.
There are more expectations for the company.
John Paul Morgan was full of creativity. A building-
Integrated solar windows have been developed.
I got a sneak peak in an early prototype, and creativity was amazing.
The brothers hinted that there were other high-ranking people. -
Secret products are in my wings, but if I know them now, they have to leave me.