SolFocus raises $52M

SolFocus, a Mountain View, Calif.-based maker of concentrator photovoltaic systems, today announced the closing of $52 million in funding.

The company, which last month acquired Spain's Inspira, a maker of solar tracking equipment, said a little more than half the money would go toward its newly formed European operations (see SolFocus buys Spain's Inspira).

SolFocus Europe, based in Madrid, is getting $27.4 million in Series A financing, with the balance going to the U.S. group as a Series B round.

Both rounds were led by New Enterprise Associates. SolFocus closed on $32 million in series A funding in October 2006, also led by New Enterprise.

The latest rounds included cash from Moser Baer India, David Gelbaum, Metasystem Group, NGEN Partners, Yellowstone Capital and others.

The company said it plans to serve the European market with CPV, tracker and thermal products.

It said SolFocus Europe's operations will include business development, marketing, engineering, research and development activities, and field projects, including the Institute of Concentration Photovoltaic Systems program.

SolFocus was selected by the institute last year as one of three companies to work on a 3 megawatt installation of CPV technology in Castilla la Mancha.

"This funding provides us the means to form and operate a separate, fully operational entity which can better serve the European market's demand for CPV systems, as well as trackers for CPV and conventional flat plate solar panels," said SolFocus CEO Gary Conley.

The company said it plans to base its tracker and solar thermal product development activities in Europe, while focusing on panel, optics, and cell technologies in the U.S.

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