Moser Baer invests in CPV technology company SolFocus Inc

Moser Baer India Ltd has announced that Moser Baer Photo Voltaic Ltd (MBPV), a wholly owned subsidiary of the Company on October 11, 2006, announced another strategic investment into a Concentration Photovoltaic (CPV) technology Company, the Palo Alto based SolFocus Inc.

This investment follows strategic equity participation in another Solar Concentrator technology Company, Solaria, announced a couple of weeks back, The Company has invested INR 32 Crore (US$7 mn) in the final closing of SolFocus Series A funding.

These investments into the first generation non-silicon based photovoltaic Concentration technology form an integral part of MBPV’s strategy to develop a sustainable competitive edge and technological Leadership in this high growth industry. The solar concentrator technology holds significant potential to expand the global market and applications which today are restricted due to the high cost of silicon based systems with respect to conventional energy.

Ravi Khanna, CEO of the Company said, "This agreement represents a significant step for both SolFocus and MBPV towards commercialization of CPV technology. Our strategy is to clearly straddle multiple future technologies and emerge as an engineering & technology driven company. We are decisively responding to the rapidly expending solar PV market, where worldwide demand far Outstrips supply."

The agreement also gives MBPV the exclusive distribution rights of SolFocus CPV panels in India and neighboring countries, which is estimated to be amongst the fastest growing regions for solar energy business.

Pilot production and field tests at MBPV are expected to begin in 2007, commercial production 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.

Source : Equity Bulls

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