Infinia Raises $8.3 Million for Concentrating Solar Systems
Infinia Corp., a producer of systems that convert concentrated solar heat into electricity, has raised about $8.3 million since January as part of a private financing round, according to regulatory filings.
The company received $1.5 million as part of a convertible note financing with two existing shareholders, Infinia Chief Financial Officer Jeffrey Williams said today by telephone and declined to name the investors. The amount adds to $3.8 million received in April and $3 million in January as part of the same funding round, and Infinia will seek an additional $30 million within nine months, he said.
Closely held Infinia, based in Ogden, Utah, makes mirrored dishes that focus sunlight on Stirling engines to produce electricity. Its investors have included Paul Allen’s Vulcan Capital, billionaire venture capitalist Vinod Khosla and Apple’s biggest supplier, Foxconn Technology Group.
“It’s been a little bit of a long road for some of them, but we’re making some nice progress,” Williams said. “It’s exciting times for us as we’ve started the installation of our 1.5-megawatt field at the Toole Army Depot.” That project will be Infinia’s largest and the biggest in the world to use Stirling systems, he said.
The funding will support additional orders for the company’s currently available 3.5-kilowatt PowerDish 4 systems and its 7.5-kilowatt to 9-kilowatt PowerDish 5 systems that will be introduced in the fourth quarter, Williams said.
Infinia in September said it won orders to supply 75 megawatts and 55 megawatts of its systems for projects in Greece and Cyprus, respectively.
The Toole Army Depot project “is the first real large-scale deployment of our technology,” Williams said.
To contact the reporter on this story: Andrew Herndon in San Francisco at email@example.com