Semprius will use the funding to build a pilot high concentration photovoltaic (HCPV) module production plant, which will allow the company to scale up and optimize its process for subsequent large-capacity plants.

The company develops its solar modules using novel processes that combine tiny solar cells with low-cost, efficient optics that concentrate the incoming sunlight more than 1,000 times.

Despite the high level of concentration, Semprius modules remain cool for improved long-term reliability and performance.

Semprius will also use an automated manufacturing process, leveraging standard manufacturing equipment and commodity materials, to reduce capital and labor costs.

Semprius president and CEO Joe Carr said the company’s modules offer the superior conversion efficiency, low cost and high reliability needed for the customers to meet this demand and are a perfect option for achieving grid parity with fossil-based electricity.

Siemens Venture Capital led the investment round and was joined by ARCH Venture Partners, Applied Ventures, Illinois VENTURES, Intersouth Partners, In-Q-Tel and GVC Investment.