Success Story


COFOVO Energy's photovoltaic system.

Spun out of the University of Ottawa SUNLAB, COFOVO Energy is addressing the poor heat tolerance and low efficiency of standard solar panels with its low-cost, high-concentration photovoltaic system. The system is ideal for use in hot, high-sunlight regions of the world, and is two to three times more efficient than standard solar panels but comparable in price.

In 2013, COFOVO Energy’s founder and CEO Richard Beal received OCE’s two-year Martin Walmsley Fellowship worth $100,000. Since then, the company sold its first solar system, initiated a second product line, and is working on projects both domestically and internationally.

Return on Innovation

  • Received $134,000 of follow-on investment from IRAP
  • Revenues expected to be $150,000-$500,000 over the next 12 months
  • Company employs three full-time and one part-time employees, with plans to add an additional full-time member in the next six months

OCE©2014 Last updated 10/2014