July 30, 2008
Cyrium Technologies Raises $15 Million Investment Round Led By the Quercus Trust
Cyrium Technologies, a developer of high efficiency multi-junction solar cells for concentrator photovoltaic systems, announced today that the firm has closed a Series B round of funding for a total of $15 million.
The round was led by The Quercus Trust of Costa Mesa, California.Major investors from previous rounds of financing also participated in this round including: BDC Venture Capital, Chrysalix Energy Venture Capital, and Pangaea Ventures Ltd.
Cyrium is a developer of innovative solutions in the solar renewable energy field. Cyrium's solar cell technology significantly improves power generation while reducing its cost thereby making large scale power generation using concentrator photovoltaic systems commercially feasible. Product development at the company continues to go extremely well and the company is looking to work with a number of different customers as it prepares its first products.
Steve Eglash, CEO of Cyrium Technologies, welcomed The Quercus Trust investment. "Cyrium's momentum has been building steadily and the concentrator photovoltaic market is poised for rapid growth. The strong support of all of our investors including The Quercus Trust will help Cyrium to achieve critical milestones."
Commenting on the investment, Purnesh Seegopaul of Pangaea said: "Cyrium is on the threshold of developing solar cell technology that will enable CPV systems to achieve grid parity. That's something we feel is important and we are pleased to be part of the team that makes that happen."
Simon Fafard, Founder and CTO, is excited about the B-round financing: "This investment is what Cyrium needs to commercialize its solar cells and enable CPV to be more competitive, thus promoting massive deployment of renewable solar energy."
Funds from the Series B round will be used to further the development and testing of Cyrium's photovoltaic solar cell products and establish volume manufacturing.
About Cyrium Technologies
Cyrium Technologies is developing a proprietary breakthrough technology that significantly increases photovoltaic solar cell efficiency over state of the art products. The company received its first venture capital funding in 2004. Cyrium's strategy is to become a leader in the design and production of high efficiency photovoltaic solar cells. The company's product addresses the concentrator photovoltaic (CPV) market and enables a substantial cost reduction in solar power. As part of its product and commercialization strategy, Cyrium is working with leading CPV system manufacturers to address their worldwide product and business needs. Visit www.cyriumtechnologies.com for more information.
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of a company's development cycle, from seed through expansion. Its focus is on technology based businesses with high growth potential that are positioned to become dominant players in their markets. Established in 1975, BDC Venture Capital has invested in over 400 firms to date. It currently manages some $500 million in venture capital investments in the life sciences, telecommunications, information technology, and advanced technology sectors, as well as investments in funds. Visit www.bdc.ca for more information.
About Chrysalix Energy Venture Capital
Chrysalix invests in and supports compelling technology and management teams that address the changing needs of the global energy market. Founded in 2001, Chrysalix actively works with clients and supports them with deep industry and technical knowledge, management and board assistance, organized networking with industrial and financial partners, management of intellectual property and access to capital.
Chyrsalix investment partners include Ballard Power Systems, BASF Venture Capital, BOC, Citigroup, Consensus Business Group, Delta Lloyd, Essent, Kuwait Petroleum Corp, Lexington Partners, Mitsubishi Corp, Robeco, Shell Hydrogen, Teachers Private Capital and WestLB Mellon Asset Management. Visit www.chrysalix.com for more information.
About Pangaea Ventures
Pangaea Ventures is a venture capital firm that invests in early-stage advanced materials, energy and environmental technology companies. It has offices in Vancouver and New Jersey and makes investments across the United States and Canada.
Managing two funds at this time, the Pangaea team provides effective support to its portfolio companies with its deep domain knowledge coupled with start-up operational and transactional expertise. Visit www.pangaeaventures.com for more information.
About The Quercus Trust
The Quercus Trust, a privately held family trust, is a prominent investor in the alternative energy sector, with investments in both privately held and publicly traded companies.
Contacts: Shaun Markey 613-728-9951 [email protected]
SOURCE: Cyrium Technologies Inc.