mPower Technology Closes Over $21M Series B Funding Round Led by Razor's Edge and Joined by Shield Capital

mPower Technology, the leading provider of solar power solutions for space, announced it has secured over $21 million in Series B funding led by Razor's Edge Ventures and joined by Shield Capital. The new funding will be used to further scale production capacity, continue the advancement of DragonSCALES and position the company for sustained leadership in the rapidly expanding commercial and national security space markets. The capital raise builds upon mPower's Series A financing led by Cottonwood Technology following its spin-off from Sandia National Laboratories.

"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," said Kevin Hell, president and CEO of mPower Technology. "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."

"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," said Mark Spoto, managing partner of Razor's Edge. "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."

With a significant new business pipeline and over 12 years of combined on-orbit space heritage, mPower is rapidly becoming the leading provider of power solutions for the next generation of space missions. 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 located at mPower's contract manufacturer Universal Instruments Corporation in Conklin, New York. 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. 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.

mPower Technology | https://mpowertech.com/

Razor's Edge | www.razorsvc.com