SAN FRANCISCO—Semprius Inc., a provider high-concentration photovoltaic (HCPV) solar modules, recently secured $20 million in its first tranche of series C venture fundraising, the company said Wednesday (June 29).
Siemens Venture Capital led the investment round and was joined by ARCH Venture Partners, Applied Ventures, Illinois Ventures, Intersouth Partners, In-Q-Tel and GVC Investment, according to Semiprius (Durham, N.C.). The company said it would use the funding to construct a pilot HCPV module production plant to scale up and optimize its process for subsequent large-capacity plants.
"Demand for CPV is expected to grow exponentially over the next several years to greater than 6 gigawatts by 2020," said Joe Carr, Semprius president and CEO, in a statement.
Semiprius, a spinout from the University of Illinois, uses a method developed by the university for lower cost manufacturing of compound semiconductors such as GaAs for many electronic device applications, including solar cells. Last year, Semiprius signed a deal with Germany's X-Fab Semiconductor Foundries AG to build devices for Semiprius after X-Fab invested $1.5 million in the company.
"Semprius modules have been under on-sun testing for several years now with excellent field performance," Carr said. "From our proprietary micro-cell technology to the enclosure and everything in between, we’ve designed our modules to be efficient, low-cost and reliable."