Cyrium Technologies has scored $15 million in a series-B round of funding, the second Ottawa-area company to do so in as many days.
The solar cell concentrator maker said The Quercus Trust of Costa Mesa, Calif. led the financing round, with participation from BDC Venture Capital, Chrysalix Energy Venture Capital and Pangaea Ventures Ltd.
"Cyrium's momentum has been building steadily and the concentrator photovoltaic market is poised for rapid growth," said Cyrium CEO Steve Eglash in a statement. "The strong support of all of our investors, including The Quercus Trust, will help Cyrium to achieve critical milestones."
The funding will be used to further the development and testing of Cyrium's solar cell technology, which concentrates solar energy so smaller cells can be used to generate large amounts of energy.
The company said it is currently looking to work with a number of different customers as it prepares its first products for the market.
The announcement comes on the heels of Gatineau-based chipmaker Diablo Technologies's announcement that it had also raised $15 million in a series-B round.
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