Albuquerque-based solar energy startup mPower Technology has opened a new office in Carlsbad as it works to commercialize its technology.
The move came two months after the startup closed a Series A round worth $3.8 million, with $1.3 million converted into equity shares in connection with the offering, according to Business First. The round had a total of 21 investors, including Santa Fe private equity firm Sun Mountain Capital.
The company creates lightweight, bendable solar cells that officials say are superior to those built out of traditional materials. Its tech has the advantages of reduced weight and lower power generation cost compared with other solar cells, according to the company.
It aims to produce its solar cells primarily for the aerospace industry, in addition to the internet of things and roofing.
Its engineering, R&D and tech development staff will remain in Albuquerque. As mPower starts to land contracts, it plans to grow its business development team in California.
In addition, the company expanded its executive leadership team, adding Jason Wilson as vice president and general manager of Terrestrial and IoT (Internet of Things) applications.
The firm, founded in 2015 by Chief Technology Officer Murat Okandan, employs 12.