Sopogy, a concentrating solar thermal technology company today announced the closing of its Series E round of preferred stock and warrants led by Mitsui & Co., Ltd. (Mitsui). Also participating in the round were new investors Southern California Gas Company, 3M and other key strategic investors.Existing investors, Kolohala Ventures and Enerdigm Ventures also joined the round.
This financing supports the continued commercialization of Sopogys solar thermal technologies said Darren T. Kimura, President and CEO. This accomplishment was made possible because of the determination and support of our outstanding team and committed current investors. In this new financing we are thrilled to be joined by such top tier industry leaders and look forward to continued commercialization with our partners.
Sopogy has pioneered the concept of MicroCSP using its mirrored concentrating solar thermal solar collectors to create high quality thermal heat. This heat is used in the industrial process and as solar steam. The International Energy Agency has estimated that only 17% of final energy consumption is for electricity while 47% of final energy consumption is in the generation of thermal energy.
Sopogys technologies are poised to capture the thermal energy market by harnessing the power of the sun. Sopogy is bringing us closer to a future where steam and industrial heat is generated by the sun, replacing fossil fuels. We are proud to support Sopogy in that mission said Wataru Ebata, General Manager, Principal Investment Division at Mitsui.
Please visit www.sopogy.com
