mPower Technology has announced it has closed a surplus $1.85 million in Series A funding, conveying the company's total Series A round to $4.35 million. The extension round comprised investments from Cottonwood Technology Fund, NMA Ventures, and various angel investors. The additional capital will support the development, testing and sales of the company's DragonSCALES™ (SemiConductor Active Layer Embedded Solar) solar cell technology. DragonSCALES enable 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.
mPower Technology 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. The company has also made notable progress in the space solar power market with several large opportunities related to low-Earth orbit (LEO) satellite constellations.
"Cottonwood looks for 'off-the-curve' innovations in hard science that we believe can introduce disruptive impacts to applicable markets," said David Blivin, Founder and Managing Partner, Cottonwood Technology Funds. "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."
Dorian Rader, Managing Partner at NMA Ventures added, "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."
"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. "This supplemental capital investment will provide runway for mPower to ready its innovative technology for large-scale production and rapidly secure large commercial contracts in the space market."
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