mPower Technology Raises $10 Million in Series B Financing
Latest round to fund high-volume manufacturing, team growth and commercial expansion
ALBUQUERQUE, N.M. - Feb. 1, 2022 - PRLog -- Innovative solar technology company, mPower Technology, today announced that it has raised $10 million in Series B funding, led by Cottonwood Technology Fund and various space sector investors. The Series B round will fund growth in the company's volume manufacturing capabilities and support its continued product evolution and commercial development in the space power market.
The company's solar solution, DragonSCALESTM, has gained significant traction with numerous customers for the next-generation of Space 2.0 missions, including low-Earth orbit (LEO) constellations, electric orbit raising systems, lunar and other landed missions, and space power generation and beaming. With a proven space heritage and extensive qualification testing and characterization, DragonSCALES is in production and ready for high-volume scale-up.
Dave Blivin, Managing Partner of Cottonwood Technology Fund noted, "mPower is quickly becoming the default option for Space 2.0 power. The company's innovative silicon-based solution offers a combination of cost, performance, size and flexibility advantages that is winning customer acceptance at an increasing rate. Cottonwood is excited to lead this financing round and support mPower as an emerging industry leader."
"We are incredibly impressed with the innovative solutions that have come from the team at mPower," said Lisa Rich, Founder and Managing Partner at Hemisphere Ventures. "As an established, space-focused venture firm, we are pleased to add mPower to our portfolio of highly-capable commercial space companies. Hemisphere has visibility on a broad array of developing emerging technologies, and we believe DragonSCALES is a game changer in the space power sector."
mPower intends to focus a portion of the investment on ramping high-volume production of its DragonSCALES product to meet the explosive demand from its space customers. It will also invest in additional supply chain initiatives, and expand its engineering, sales and marketing teams.
"Driven by rapidly declining launch costs and massive investments, the next generation of space commercialization and exploration missions are now here, and they all require power - lots of power," added mPower president and chief executive officer, Kevin Hell. "With this investment and our competitive lead, mPower is poised to dominate this rapidly growing market, delivering low-cost, high-performance space power solutions."