mPower Technology, a leading provider of solar power solutions for space, announced it has raised over $21 million in Series B funding led by Razor’s Edge Ventures and joined by Shield Capital.
What the funding will be used for: The new funding will be used to further scale production capacity and continue the advancement of DragonSCALES. The funding also positions the company for sustained leadership in the rapidly expanding commercial and national security space markets. This capital raise builds upon mPower’s Series A financing led by Cottonwood Technology following the spin-off from Sandia National Laboratories.
Momentum: With a significant new business pipeline and over 12 years of combined on-orbit space heritage, mPower is rapidly becoming a leading provider of power solutions for the next generation of space missions. And mPower has been chosen as a solar power provider for key industry players such as Airbus, Blue Origin/Honeybee, Firefly Aerospace, Lynk Global, Gravitics and many others.
This growing roster of customers will be supported by mPower’s first high-volume automated manufacturing line which is based at mPower’s contract manufacturer Universal Instruments Corporation in Conklin, New York. And this line dramatically expands throughput and will produce over 2 megawatts of DragonSCALES modules annually, a capacity greater than the total combined global production output of traditional gallium arsenide (III-V) solar module suppliers. Plus, high-volume operations commence next month and will produce solar modules for hundreds of spacecraft, including mPower’s contract to supply more than 1.1 megawatts of solar modules for Airbus’ MDA AURORA™ program, one of the largest space solar deals in history.
KEY QUOTES:
“mPower has emerged as the only solar provider in the space market with a flight-proven design that can meet both the aggressive cost targets and production volumes required by large-scale Space 2.0 missions, such as LEO constellations. This new funding from highly regarded space sector investors that focus on national security, is a testament to the confidence our customers have in our proven ability to rapidly deliver space power at scale.”
Kevin Hell, president and CEO of mPower Technology
“Space capabilities have been used as an economic engine and to enhance national security for decades. The entire space ecosystem is on the cusp of transformational growth, and nothing happens in space without power. It is a critical enabler. The confidence we have in mPower is based on real-world proof – its solar solutions are in orbit and delivering value now. It is the only company in the market with proven automated manufacturing that is now ready for high-rate production.”
Mark Spoto, managing partner of Razor’s Edge
