Durham, N.C. – Semprius, a developer of high concentration photovoltaic (HCPV) solar modules, announced on Wednesday it has raised an additional $7.5 million in venture capital from Siemens Venture Capital, ARCH Venture Partners and Intersouth Partners.
Founded in 2005, Semprius is a spin out of the University of Illinois that is commercializing a process for printing high performance single crystal semiconductors on any substrate, including glass, plastic and other semiconductor materials.
Semprius builds its modules using processes that combine extremely tiny solar cells with low-cost, efficient optics that concentrate incoming sunlight more than 1,000 times. In January, Semprius announced it set a new world record for photovoltaic module efficiency, reaching 33.9%.
The company said it will use proceeds from the new funding to accelerate construction and ramp-up of its pilot production facility to produce solar modules.
Image credit: Semprius