Cyrium Technologies,
a startup Canadian company developing high-efficiency, multi-junction solar cells for concentrator
photovoltaic systems, has received 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.
Funds will be used to further the development and
testing of Cyrium’s photovoltaic solar cell products and establish volume
manufacturing.
Cyrium says its solar cell technology significantly improves power generation while
reducing its cost thereby making large scale power generation using concentrator
photovoltaic (CPV) systems commercially feasible.
“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,” Simon Fafard, Founder and CTO Cyrium said.
About Cyrium Technologies
Cyrium Technologies is developing a proprietary breakthrough technology that
significantly increases photovoltaic solar cell efficiency. The company received its first venture capital funding in 2004.
The company’s product addresses the
concentrator photovoltaic (CPV) market. As part of its product and commercialization strategy, Cyrium is
working with leading CPV system manufacturers to address their worldwide
product and business needs.
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