Solar ♦ news digest
Former First Solar CEO launches Venture Capital company
The fledgling firm is focussed on identifying exceptionally talented entrepreneurs to significantly improve the world and help them realise their ambitions
True North Venture Partners has announced its launch of its $300 million venture capital company founded by Mike Ahearn, the co-founder and former CEO of First Solar.
True North will invest primarily in early stage companies in the energy, water, agriculture and waste sectors. Investment amounts will generally range from $100,000 to $25 million.
“We are focussed on sectors where the global problems are pressing, the need for disruptive innovation is great and the challenges faced by early stage entrepreneurs and investors are particularly daunting,” said Ahearn. “Our goal is to identify exceptionally talented entrepreneurs with the vision, drive and business potential to significantly improve the world and help them realise their ambitions.”
Ahearn co-founded, and until 2009 served as the CEO of First Solar. During this period First Solar grew from a start-up to a leader in the solar industry and an S&P 500 company. Before investing in First Solar, Ahearn helped to build a number of other successful companies as an early stage investor.
“We are assembling a team of partners and advisors who combine successful investment experience with proven track records in developing start-up businesses into significant enterprises,” said Ahearn. “We can help entrepreneurs navigate the obstacles that they will inevitably face in fundamentally transforming global industries.”
True North has commenced operations and expects to be fully staffed by the end of 2011.
Semprius awarded $7.88 M for III-V solar plant
The gallium arsenide based solar cell pilot production plant will provide jobs for 256 people within five years in North Carolina.
The North Carolina Department of Commerce has announced that Semprius, an innovator of high III-V based concentration photovoltaic (HCPV) solar modules, has received an incentives package to build a pilot production plant in Henderson.
The incentives package includes a State of North Carolina Job Development Investment Grant, and grants from the Golden LEAF Foundation, Vance County, the One North Carolina Fund, and the North Carolina Community College System, and totals more than $7.88 million.
The incentives package comes on the heels of Semprius securing $20 million in its first tranche of Series C venture fundraising led by Siemens Venture Capital earlier this month. Semprius will use the incentives package and venture funding to construct the pilot HCPV module production plant beginning later this month.
The first phase of the pilot plant will be 50,000 square feet and employ 60 people. Semprius plans to expand within the next several years to 150,000 square feet and will eventually employ 256 people at the pilot production plant. Semprius will make an $89.7 million capital investment in the pilot plant, and the plant is estimated to draw $120 million in investment to the region.
“Semprius chose to bring their business to North Carolina because our investments in education and job training ensure they can find the work- ready employees they need,” said Governor Bev Perdue. “This company is on the cutting edge in the solar energy field and we welcome them to North Carolina, the smart grid capital of the world.”
Semprius builds its HCPV modules using novel processes that combine extremely tiny GaAs based solar cells with low-cost, efficient optics, and improve long-term reliability and performance. The firm also utilises an automated manufacturing process, leveraging standard manufacturing equipment and commodity materials, to dramatically
August/September 2011
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