Cyrium raises $15 million

Ottawa-based solar cell technology maker Cyrium Technologies takes in $15 million in a series-B round. The company says it plans to use the funding for ongoing development and testing of its product, which concentrates solar energy to generate more power from smaller cells. "Cyrium's Cyrium.JPGmomentum has been building steadily and the concentrator photovoltaic market is poised for rapid growth," says CEO Steve Eglash. "The strong support of all of our investors, including The Quercus Trust, will help Cyrium to achieve critical milestones." The financing round drew investment from BDC Venture Capital, Chrysalix Energy Venture Capital and Pangaea Ventures Ltd., as well as from lead investor The Quercus Trust, based in Costa Mesa, Calif. Cyrium, which expects to go to market soon, is already in talks with potential customers.

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