mPower Technology Raises $2.5 Million in Series A Round
Company nears commercialization phase with breakthrough solar technology in the aerospace market
ALBUQUERQUE, N.M. - Oct. 28, 2019 - PRLog -- Innovative solar cell technology startup, mPower Technology, today announced that it has raised $2.5 million in Series A funding from experienced sector investors, including Santa Fe-based Sun Mountain Capital. The capital builds upon extensive R&D investment by Sandia National Laboratories and will be used to commercialize mPower's breakthrough solar cell technology, DragonSCALEsTM, in the aerospace market.
mPower's DragonSCALEs are made up of individually interconnected cells of highly efficient silicon that can be meshed into any shape or form. They are lightweight, flexible, resilient and extremely reliable, overcoming the low-voltage limitations of today's rigid solar cells. The combined advantages of DragonSCALEs enable a wide new range of solar power design possibilities for multiple applications and markets. In particular, they are an ideal solution for the aerospace market, offering reduced weight and stowage volume, increased radiation recovery, and dramatically lower cost as compared to existing Gallium Arsenide-based (III-V) solutions.
"We've made a great deal of progress in 2019 with our partners in the aerospace market. This investment is a direct reflection of the promise of this technology and the confidence our investors have in our ability to execute our business plan in the near future," said Kevin Hell, president and CEO, mPower Technology. "With its disruptive cost and performance advantages, our groundbreaking technology is incredibly well positioned to be the solar power solution of choice for the next era of aerospace applications, particularly the large emerging market for satellite constellations."
Drawn by the significant opportunities in the aerospace market initially, but also by the expanded market opportunity for applications such as remote power, IoT and terrestrial rooftops, investors believe mPower's technology overcomes critical limitations of existing solar cell technology.
"This technology is going to drive the next adoption wave of solar power," said Lee Rand, Partner, Sun Mountain Capital. "We've already seen the advantages that mPower can deliver in the aerospace market and believe that this is just the start of adoption across many industries. The team's solid leadership and vision for growth make this a compelling investment."
About mPower Technology
mPower is shaping the future of solar power with a revolutionary new technology called DragonSCALEs™