SolFocus signs clean technology manufacturing and distribution agreement with Moser Baer; completes $32 million Series A financing.
Moser Baer to commission volume production factory for SolFocus solar panels and invest $7M in solar startup
PALO ALTO, Calif., October 10, 2006 -- SolFocus, Inc., breakthrough innovator of solar concentrator photovoltaic (CPV) systems, today announced the signing of a major manufacturing and distribution agreement with Moser Baer India Ltd. of New Delhi, India. Moser Baer (MBI) will become a volume manufacturer of SolFocus CPV products and the exclusive distributor of SolFocus’ CPV panels in India and neighboring countries. MBI also invested $7 million to close out SolFocus’ $32 million Series A funding.
“Moser Baer brings world-class expertise in precision, high volume, low cost production processes to the global solar industry”, said Gary D. Conley, SolFocus CEO. “These capabilities match well with the manufacturing needs of SolFocus’ innovative solar concentrators, where high reliability, high volume and low cost are paramount.” Moser Baer today is one of the largest optical media manufacturers in the world, making one of every five CDs and DVDs sold globally.
“We believe the SolFocus technology holds the potential to significantly alter the cost dynamics of the global solar industry, thereby significantly narrowing the gap between solar and conventional energy costs. We are committing significant resources to commercialize this emerging technology and mass produce CPV products,” said Mr. Deepak Puri, Chairman and Managing Director of Moser Baer India Ltd. Moser Baer plans to significantly expand into the global solar market, including setting up a silicon based 80 megawatt photovoltaic cell and module manufacturing plant.
Ravi Khanna, CEO, Moser Baer Photovoltaic Limited said, “This agreement represents a significant step for both SolFocus and Moser Baer towards commercialization of CPV technology. We are decisively responding to the rapidly expanding solar PV market, where worldwide demand far outstrips supply.”
Pilot production and field tests at MBI are expected to begin in 2007. Commercial production is planned for 2008. SolFocus also has pilot production underway in Sunnyvale, California, where over 4,000 panels will be produced for extensive reliability and field testing. Other sites in the US are also being considered for a large manufacturing facility that will serve the North American market.
SolFocus’ funding and manufacturing announcement comes on the heels of a volume purchase agreement for 600,000 high efficiency PV cells from Spectrolab, a wholly-owned Boeing subsidiary.
About SolFocus, Inc.
SolFocus develops and markets innovative solar concentrator photovoltaic (CPV) systems targeted toward distributed generation, large field and commercial rooftop applications. The low cost of SolFocus solar systems will enable a dramatic reduction in the cost of delivering renewable solar energy, and for the first time enable solar to compete with conventional fuels in several large multi-billion dollar energy markets without the need or reliance upon subsidies or rebates. SolFocus breakthrough innovations are a direct result of close collaboration with a number of world-class corporate and international research centers. In November 2005, the National Renewable Energy Lab Growth Forum recognized SolFocus chief executive officer Gary D. Conley as the 2005 Clean Energy Entrepreneur of the Year. In February 2006 SolFocus announced a strategic partnership with Palo Alto Research Center (PARC) for joint technology development in CPV.
About Moser Baer India Limited
Moser Baer, headquartered in New Delhi, India, was established in 1983. The company has successfully developed cutting edge technologies for recordable optical media, constantly innovating and introducing new products and process. An emphasis on high quality products and services has enabled Moser Baer to emerge as one of India's leading technology companies, with more than a 17% share of the global recordable optical media market. The company is amongst the largest producers of CDs and DVDs in the world. It is the first company to launch first generation recordable high definition DVD product globally. Moser Baer currently has over 5,000 full-time employees and multiple manufacturing facilities in the suburbs of New Delhi. The company services its customers which include all the leading global OEM brands in optical media, through 6 marketing offices and subsidiaries/affiliates in India, the US, Europe and Japan. Moser Baer, through its wholly owned subsidiary, Moser Baer Photo Voltaic Limited, is currently in the process of establishing a state of the art unique 80 MW silicon PV manufacturing facility near New Delhi.
For more information contact Bob MacDonald at (650) 812-4829 or visit www.solfocus.com.