New Mexico headquartered innovative solar technology solutions provider, mPower Technology has raised an additional USD 1.85 million in Series A funding.
Now, the company has an aggregate investment of USD 4.35 million in Series A round of funding.
The company said that this extension round included investments from Cottonwood Technology Fund, NMA Ventures, and various angel investors.
On investing in mPower, Dorian Rader, Managing Partner at NMA Ventures, commented “we have invested in mPower Technology because of its game-changing product technology, and we are enthusiastic about supporting this early-stage company in the New Mexico region.”
Through this additional capital, the company will get support in the development, testing and sale of its DragonSCALES™ (SemiConductor Active Layer Embedded Solar) solar cell technology.
This solar cell technology has enabled disruptive, new approaches to many solar applications leveraging small advanced silicon cells integrated on a flexible substrate in a patented, highly interconnected architecture. They offer unprecedented improvements in system cost, weight, flexibility, resilience, and ease of installation and system integration.
The company claimed that it has gained significant market traction since the initial Series A investment, including the recent award of an SBIR (Small Business Innovation Research) contract from the US Army to develop and test solar modules for soldier portable and remote power applications.
It has also made notable progress in space solar power market with various big opportunities related to low-Earth orbit (LEO) satellite constellations.
Commenting on the development, David Blivin, Founder and Managing Partner, Cottonwood Technology Funds, said that “Cottonwood looks for ‘off-the-curve’ innovations in hard science that we believe can introduce disruptive impacts to applicable markets. mPower’s technology is uniquely positioned to transform the space power market through its significant cost and performance advantages, and this certainly fits with our focus.”
“We are experiencing tremendous interest in our DragonSCALES technology, not only for the rapidly growing aerospace market but also for the terrestrial and IoT (Internet of Things) markets,” said Kevin Hell, president and CEO of mPower Technology.
Hell further added that “this supplemental capital investment will provide a runway for mPower to ready its innovative technology for large-scale production and rapidly secure large commercial contracts in the space market.”