Emerald backs Spanish solar business(3)

Zurich-based Emerald Technology Ventures has invested $7 million in cleantech start-up MWOE Solar.

MWOE Solar, a manufacturer of silicon solar modules, has received $7 million (€5 million) in a first financing round from two venture capitalists – Emerald Technology Ventures and NGP Technology Partners.

Emerald led the financing round while NGP, a Washington DC-based private equity fund, made a lesser but substantial commitment.

MWOE Solar develops and produces advanced silicon photovoltaic modules.

Markus Moor, partner at Emerald, said: “It was the combination of a proven technology, a sound low-cost product proposition and a very capital efficient production expansion which attracted us to MWOE Solar.”

He added: “MWOE Solar is able to differentiate itself and its products in a market which is becoming more crowded and competitive. This is an important attribute for new solar companies entering this fast growing large market.”

Founded in 2000 under the name SAM Private Equity, Emerald manages three venture capital funds and two venture capital portfolio mandates worth a total of €285 million ($380 million). The firm has offices in Zurich and Montreal.