March 1, 2022
Erthos, a solar energy company that is developing advances for utility-scale solar, has announced raising $17.5 million in Series B financing. The company said it will use the funds to double headcount and support further product development in the areas of robotic cleaning, system analytics, and modeling software.
The round was led by Capricorn Investment Group, which aims to invest in companies developing novel technologies and business models to propel renewable companies and infrastructures.
“We see in Erthos a unique opportunity where simplicity and speed to market is coupled with an enormous ability to effect change,” said Ion Yadigaroglu, a partner at Capricorn. “Additionally, declining module prices, increasing steel prices and rampant supply chain problems are creating enormous tailwinds for Erthos.”
The company raised $7.4 million in Series A financing in 2019, which helped Erthos launch and finalize the development of its Earth Mount Solar PV system architecture, launch its autonomous cleaning robot, and secure its first portfolio of projects. The company said it is set to scale with more than 2.5 gigawatts of active project pipeline. The robot sweeps the solar array each night and captures module-level DC health data.
“With this financing, we have the resources to execute phase two of our market rollout,” said 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.”
For more details on Erthos and its technology, visit its website here.