Moser Baer acquires US-based photovoltaic technology firm
Baer India Ltd Mos
11 October 2006
Moser Baer India Ltd Moser Baer Photo Voltaic Ltd (MBPV), a wholly owned subsidiary of the Company today announced a strategic investment in the Palo Alto-based SolFocus Inc, a concentration photovoltaic (CPV) technology company.
This investment follows strategic equity participation in another solar concentrator technology Company, Solaria, announced a fortnight back. Moser Baer India has invested Rs32 crore ($7 million) 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, Moser Baer India, said, "This agreement represents a significant step for both SolFocus and MBPV towards commercialisation of CPV technology. Our strategy is to clearly straddle multiple future technologies and emerge as an engineering and 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.