Concentrated Solar Technology Receives Major Backing from U.S. Investors

U.S. investors have invested $129.4 million in a promising solar technology that uses plastic lenses to concentrate sunlight onto small but highly efficient solar cells. The so-called multijunction cells, developed by California-based Amonix, generate more electricity than conventional photovoltaic panels and require fewer costly semiconducting materials, such as silicon. The company has successfully tested the technology at small solar farms in Spain and the United States. While numerous companies are trying to capitalize on the growing solar market — and the desire for utilities to meet renewable energy targets — analysts say concentrated photovoltaic technology has a possible edge over other solar technologies because it is more efficient and requires less land for utility-scale projects.