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Circadian Solar secures further £2m investment

Circadian Solar, a developer of concentrated photovoltaic technology (CPV), is pleased to announce the approval of an investment of £2m by Seven Spires Investments Ltd (SSIL). This is the release of the second tranche of an investment of £8m planned to be rolled out over three years by SSIL.

Edward McCabe of SSIL said: “Circadian Solar is well on target to become a major player in the supply of CPV energy systems. They have achieved all technical and commercial milestones to date and we are pleased to release the next stage of funding for this exciting venture.”

Dr Robin Godfrey, CEO of Circadian Solar,added: “This funding will permit Circadian Solar to complete its commercial-scale demonstration and test system. It will also allow an important investment into a joint venture aimed at significantly reducing the cost of high-performance solar cell devices over the next few years, as part of our drive to lower the costs of CPV systems to grid parity. We are delighted with the continuing support of SSIL.”

Godfrey continued, “There's a lot of exciting news for Circadian Solar at the moment, from our recent rebrand to the imminent set-up of a one kilowatt tracker at our test site in the Mediterranean. And of course that all comes in the context of a real groundswell in the solar industry as renewables come to play a larger role in the world's energy mix. But the benefits aren't just applicable to the countries where these units will be established; with UK businesses like Circadian Solar forging ahead with CPV technology, the associated advantages of manufacturing and job opportunities will be felt much closer to home.”

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