Investing in UT solar energy company

The fledgling solar energy company founded by a University of Toledo professor received $7 million in venture capital this week. This first round of funding from the Swiss company, Emerald Technology Ventures, and Washington, DC-based NPG Energy Technology Partners, means Toledo-based MWOE Solar Inc. can complete creation of a pilot production line to demonstrate its high-volume, low-cost method of making solar cells on a stainless steel substrate no thicker than a sheet of paper.

In the coming months, the company intends to increase its workforce from 18 to 40. Most of those workers would be very highly skilled people trained in physics or engineering. By 2008, the company will move into full production, Mr. Deng said. The company is located in a business incubator on the UT campus, but expects to relocate soon to an undisclosed location.

“We were impressed by MWOE’s technology – a company that can produce solar modules at grid competitive prices which are targeted at the fastest growing part of solar - grid-connected, building integrated PV systems – is a very attractive investment opportunity”, said Chris Sorrells is quoted as saying in a press release. Mr. Sorrells is managing director at NGP Energy Technology Partners, and will become a part of the MWOE board.