Tempe, AZ, March 01, 2022 (GLOBE NEWSWIRE) -- Erthos, Inc., a solar energy technology company focused on breakthrough advances for utility-scale solar, today announced the closing of its $17.5M Series B financing round, led by Capricorn Investment Group, known for investing in iconic companies including Tesla and SpaceX. The investment was made by Capricorn’s Technology Impact Fund, a venture capital partnership that invests in companies developing novel technologies and business models to propel a new wave of renewable companies and infrastructure. Aimed at accelerating market entry, the funds will be used to double headcount and to support further product development in the areas of robotic cleaning, system analytics, and modeling software.
“We see in Erthos a unique opportunity where simplicity and speed to market is coupled with an enormous ability to effect change,” says Ion Yadigaroglu, partner at Capricorn. “Additionally, declining module prices, increasing steel prices, and rampant supply chain problems are creating enormous tailwinds for Erthos.”
In 2019, Erthos raised $7.4M in Series A financing, which helped launch the company, finalize the development of its Earth Mount Solar™ PV system architecture, launch its autonomous cleaning robot, and secure its first portfolio of projects. With its Series B financing, Erthos is set to scale with over 2.5 gigawatts of active project pipeline.
“With this financing, we have the resources to execute phase two of our market rollout,” says Jim Tyler, CEO of Erthos. “With experience in solar technologies, solar development, artificial intelligence, and autonomous devices, Capricorn brings strategic advantages. We are excited to have Capricorn in the Erthos family and look forward to this next phase of execution.”
Founded in 2019, Erthos, Inc. is a Tempe, AZ based solar company with a mission to transform the utility-scale solar industry and further establish solar as the least-costly way to generate electrical power on the planet. Its executives and management hail from companies including Tesla, Intel, General Electric, Sterling & Wilson, Wärtsilä, First Solar, Canadian Solar, SMA, and Solar Frontier. Erthos has introduced Earth Mount Solar™ PV to the market, a new way to build solar power plants by eliminating structural steel and installing solar modules directly on the earth. Complimenting this architecture, Erthos has developed an autonomous cleaning robot that sweeps the solar array each night and captures module-level DC health data. All in, Earth Mount Solar PV can be built for less cost, in half the time, on one third the land. For more information and to view the Erthos introductory video, visit www.erthos.com.