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6 December 2007


Cyrium increases funding to CDN$5.5m; adds ex-SDL VP as CEO

Cyrium Technologies Inc of Ottawa, Canada, which is developing multi-junction concentrated photovoltaic (CPV) solar cells incorporating InAs/GaAs quantum dot layers to increase efficiency, says that it has now raised its total funding to over CDN$5.5m.

The latest funding (of about CDN$2m) is a follow-on round from the firm’s main investors, Business Development Bank of Canada (BDC) Venture Capital, Chrysalix Energy Venture Capital and Pangaea Ventures Ltd, supplementing CDN$3m raised in December 2005 and its first venture capital funding in August 2005. Cyrium was founded in 2002 as a spin-off from National Research Council of Canada (NRC) at its Industrial Partnership facility.

“The increased funding moves the company further down the runway toward commercial availability of its new solar cell,” says founder and chief technology officer, Dr Simon Fafard. As part of its product and commercialization strategy, Cyrium says it is working with leading CPV system manufacturers.

Also, joining the firm as president and CEO is Dr Steve Eglash (former venture capitalist at Worldview Technology Partners). Previously, he was vice president at SDL (JDSU) where he managed efforts in pump lasers, and optical amplifiers.

“Steve’s leadership and insight will enable the company to secure a major role in the rapidly growing solar energy market,” comments Jim Fletcher, board member and managing director at investor Chrysalix Energy. “Steve’s strong connections in Silicon Valley will help the company to expand its operations to include northern California.” Fafard adds: “His background in venture capital and in particular with semiconductors, optoelectronics and energy are perfectly suited to the company’s product roadmap”.

See related items:

SolFocus boosts second-round funding by $11.6m to $63.6m

GreenVolts raises $10m in Series A funding

Wakonda named Clean Energy Entrepreneur of the Year and awarded $900,000 DOE funding

Emcore receives record concentrator photovoltaic cell order

Emcore claims record efficiency for volume-production, multi-junction solar cell aimed at terrestrial applications

Spectrolab’s new terrestrial solar cell smashes 40% efficiency barrier

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