Semprius looks to raise $4 million

Apr. 09, 2013 @ 06:20 PM

Durham-based solar technology company Semprius is looking to raise $4 million to use for general corporate purposes as moves toward commercialization of its solar modules.

According to a U.S. Securities and Exchange Commission filing, the company has raised $2.141 million of its total goal. Russ Kanjorski, vice president of business development for Semprius, said the offer is for debt securities that could convert into ownership stakes in the company.

He said the company plans to supplement the total amount of funding it’s raised so far for general corporate purposes in support of its ongoing ramp-up. The company has a single operating pilot manufacturing line. The company is looking to move toward commercialization.

“We’re not operating at full-scale for the pilot line, but that’s by design,” Kanjorski said. “So the idea was to get the pilot line in place, go through this ‘shake-out’ I guess, process, if you will, ramping up phase where (we) make sure all of our yields are where (we) want them to be and the product is at the efficiency where it needs to be.”

Kanjorski said the company is deploying modules for display at demonstration sites, and also continues to prepare for larger bids.

The company is based in Durham, and has a solar module manufacturing facility in Henderson.

Kanjorski, said the company employs 60 to 65 people. The company uses a proprietary micro-transfer printing process to make small solar cells for modules that company officials believe have performance and cost advantages.