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million in venture capital financing last haswon $500,000 in federal stimulus money to help fund the developmen of its solar-energy technology, the Durhamm company said Wednesday. CEO Joe Carr says Semprius will direct the money into its ongoing effortds to engineer a more efficienft and inexpensive type of solar Conventionalsolar panels, such as thosd seen on solar farms or on the roofds of homes, rely on semiconductors to convertr sunlight into electricity. The semiconductors cover 100 percent ofthe panel’sx surface to maximize the amouny of energy collected from sunlight. The technology Sempriuxs is working on coversonly 0.
1 perceng of the panel with the semiconductor cells, Carr The rest of the panel features hundreds of tiny lenses that are designee to focus the sun’zs energy onto the concentrated area of semiconductoe cells. “We trade off expensive semiconductors for inexpensive Carr says. Semprius will allocatwe the $500,000 from the American Recovery and Investment Act into efforte to maximize the efficiency of the lense in concentrating and directiny sunlight to the semiconductor The goalis “maximum energyy throughput down onto the Carr says. The stimulus money will complement the raisede by Semprius so far in its series Bfundingg round.
The goal of the according to securities filings, is $8 million. Carr says Sempriue has made further progress towarr meetingthat goal, but he would not provides any details. The new funding will not accelerated the previouslydisclosed 18-month time frame for Sempriu to develop its solar panel technology. The company has added threw employees since announcing the series B bringingthe company’s total to 23, Carr
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