NEWS RELEASE

For Immediate Release

March 31, 2022

Morgan Solar Closes $6 million Debt Round led by BDC Capital 

Toronto, Canada – Morgan Solar Inc. (MSI) is pleased to announce the close of a CAD $6M intellectual property backed debt facility in a round led by BDC Capital.  The round was also participated in by existing MSI investors including ArcTern Ventures, Golden Properties Inc., and EnerTech KSSC, a subsidiary of the Kuwait Investment Authority (KIA). The funds will finance the acceleration of the company’s expansion into the urban market with its SPOTlight and SunStudio product offerings.

“The future of solar is in cities, where two-thirds of the world’s energy is used.  However, to fully realize its potential, we need to move beyond the rooftop and deal with facades and the glass surfaces where traditional solar panels cannot be used.  This is where our extensive IP and expertise in light management solutions give us a competitive advantage” says Mike Andrade, CEO of Morgan Solar.  “As we look to further expand our IP portfolio to take advantage of the opportunity, BDC’s Intellectual Property Backed Financing was a natural fit and the support and flexibility from their team has been tremendous”.  

SPOTlight is a platform of customizable building interior and exterior products that enable customers to optimize daylight and glare, solar heat gain and clean energy generation using photovoltaic materials.  SPOTlight products range from interior blinds and blind controllers to exterior awnings, fins, pergolas and brise soleils.  

SunStudio is MSI’s proprietary sunlight modelling software that enables customers to quickly model, analyze and visualize different solutions applications of the SPOTlight products. SunStudio is also used to optimize solar project design in the traditional utility solar space.  The software is refined with data pulled from the company’s IV DAQ sensors, an IoT sensor used for enhanced performance modelling, O&M optimization, diagnostics and warranty monitoring.  The combined offerings help companies achieve their ESG goals through the smarter use of standard solar technologies and expanding the reach of solar technology into new, urban markets.

About Morgan Solar

Morgan Solar has been developing sunlight management solutions for the solar and building sectors since 2007. Based in Toronto, Canada, our team of scientists and engineers have deep expertise in light modelling, optics, distributed sensors & controls, and data analytics.  At the heart of the Morgan Solar technology ecosystem is SunStudio, a proprietary software platform used to design all of the company’s hardware and software offerings.  Using our distributed sensors and controls’ rich data sets that can be mined for Artificial Intelligence-driven analysis, we are able to quickly validate our products’ performance and iterate on their design.

For more information, visit us at morgansolar.com

About BDC Capital

BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.