Seven Spires Invests £2 million In Circadian Solar

Circadian Solar, based in the UK, announced today they have raised funds of up to £2 million ($3.3 million) donated by Seven Spire Investments. The financing is to go towards commercialising new concentrated PV technology.

Circadian, a privately owned company, was formerly AdvanceSis up till July when the company changed their name. The company’s technology uses a fresnel lens to harness sunlight and concentrate the sun’s rays onto gallium arsenide multiple layered solar panels. The company has also developed a solar tracking equipment to help its technology operate more efficiently.

In total, Seven Spire Investments have announced intentions to fund project plans up to  £8 million over the next three year period. Seven Spire Investments is based in Oxford, and today’s announcement is reportedly the second round of funding in the total  £8 million to be given.

The funding received today will allow Circadian Solar to finish up plans to produce their product on a large, commercial scale. The company will build a test site in the Mediterranean this month, and hopes to be fully commercial by the end of 2009. Circadian had also previously announced joint venture  plans to expand into more solar devices.

Circadian’s technology has the potential to be used in on and off-grid solar systems, so it could prove useful for telecom power supplies, and rural areas that do not have access to a centralised grid. The solar systems have an expected 25 year lifespan and the company states that it can withstand inclement weather conditions that other solar systems have previously been unable to weather.

Circadian has a staff of twenty employees in the UK, and other operations in various parts of Europe. Seven Spires has been investing  £5 million each year in UK-based technology firms.