Energy Innovations Raises $16.5M

Pasadena-based Energy Innovations said this morning that it has raised $16.5M in venture funding from Mohr Davidow Ventures. Energy Innovations is developing low-cost, rooftop photovoltaic solar concentrator systems. Idealab, the founding investor, also participated. Energy Innovations said that the new funding will be used to further the company's sales and product development initiatives and company operations. MDV's Erik Straser will join the company's board. Energy Innovations is headed by CEO and Idealab founder Bill Gross. More information »