MPower Technology Raises Additional $1.85M
mPower Technology has closed an additional $1.85 million in Series A funding, bringing the company’s total Series A round to $4.35 million, the solar technology company announced on March 24. The extension round included investments from Cottonwood Technology Fund, NMA Ventures, and various angel investors. The company plans to use the additional capital to support the development, testing, and sales of the company’s DragonSCALES (SemiConductor Active Layer Embedded Solar) solar cell technology.
In 2019 the company raised $2.5 million in Series A funding from investors including Sun Mountain Capital.
mPower Technology recently received a Small Business Innovation Research (SBIR) contract from the U.S. Army to develop and test solar modules for soldier portable and remote power applications. The company is also working in the space solar power market related to low-Earth orbit (LEO) satellite constellations.
“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.”