mPower Technology Secures $21 Million for Solar Module Production
Deal News | May 08, 2025 | Razor's Edge Ventures LLC
New Mexico-based mPower Technology has successfully raised $21 million in a Series B funding round, led by Razor’s Edge Ventures and Shield Capital. This funding is intended to scale the mass production of mPower's silicon-based solar power modules, which are currently used in six satellites and have been contracted for deployment in hundreds more. Airbus, a major customer, will employ mPower's DragonSCALES technology to power over 200 satellites for Telesat’s LEO constellation. The upcoming high-volume production will begin at Universal Instruments in New York, drastically increasing mPower's output capacity. With this expansion, mPower aims to produce over 2 megawatts of modules annually, outpacing the global output of gallium arsenide solar module suppliers. The company has amassed over half a billion dollars in sales engagements and secured more than $40 million in total funding. This move highlights the critical role of space capabilities as a driver of economic and national security growth.
Sectors
- Renewable Energy
- Aerospace and Defense
- Private Equity and Venture Capital
Geography
- United States – The company mPower is based in New Mexico, manufacturing takes place in New York, and the article source is based in Tampa, Florida.
- Canada – Canada is relevant as Telesat, a major customer of mPower, is aiming to develop a satellite constellation.
Industry
- Renewable Energy – The article discusses advances in solar power technology, key to the renewable energy sector.
- Aerospace and Defense – The industry is involved due to the article's focus on satellites and space technology, with companies like Airbus and Telesat as customers.
- Private Equity and Venture Capital – The funding by Razor's Edge Ventures and Shield Capital reflects the involvement of the Private Equity and Venture Capital sector.
Financials
- 21 million – Amount raised in Series B funding round
- 40 million – Total funding secured by mPower since its inception
- half a billion – Value of active sales engagements by mPower
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| mPower Technology | Target company | Company | A New Mexico-based company specializing in silicon-based solar power modules |
| Razor's Edge Ventures LLC | Funding Lead | Company | A Private Equity firm that led the Series B funding round |
| Shield Capital | Investor | Company | A venture capital firm participating in the funding round |
| Airbus | Customer | Company | Utilizing mPower's technology for over 200 low Earth orbit satellites |
| Telesat | Customer's Customer | Company | A Canadian satellite communications company |
| Universal Instruments | Contract Manufacturer | Company | Facilities in New York where mPower plans high-volume production |
| Kevin Hell | CEO | Person | CEO of mPower, providing insights into the company’s progress and plans |
| Mark Spoto | Managing Partner | Person | Managing partner at Razor's Edge Ventures |