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Founder and ex-CEO of eSolar Asif Ansari takes the helm of Canadian startup Morgan Solar
Date:10/13/2010

sure was possible - they have cracked the code for CPV (concentrated solar PV) optics, substantially lowering its costs to where it can now deliver a value proposition significantly better than PV (photovoltaics)," said Ansari.  "Morgan was able to see the problem in a whole new way, starting with inventing a new optical concentrator to replace conventional Fresnel lens architectures. The potential of this technology is massive."

MaRS Discovery District has been working closely with Morgan Solar, helping it evolve into a Canadian cleantech success story.  "Ansari coming to Toronto represents the biggest brain gain for Ontario in the cleantech sector I've seen," says Tom Rand, Cleantech Practice Lead Advisor at MaRS.  "Ansari has enjoyed a string of successes, including eSolar, and he didn't come to Morgan to fail.  The quality of Morgan's management team, with these sorts of additions, demonstrates their ability to go global on a major scale."

Toronto's Morgan Solar, founded by brothers John Paul and Nicolas Morgan in 2007 and poised to become a global leader in solar energy, raised USD $8.2 million in Series A funding in 2009 and has attracted more than $5M in public funding, including the Ontario Ministry of Research & Innovation's Innovation Demonstration Fund (MRI-IDF), the Industrial Research Assistance Program (IRAP) and Sustainable Development Technology Canada (SDTC). The company has also secured investments from Iberdrola, the world's largest new renewable energy provider, and Nypro Inc., a global leader in injection molding and contract manufacturing.  Their product—the Sun Simba—will be entering large-scale production in 2011.  Currently, Ansari is working to raise a significant Series-B funding round for the company.

MaRS Discovery District, located in downtown Toronto, offers a comprehensive range of business services to help nurture innovation in key science and technology sector
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SOURCE MaRS Discovery District
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