Diligence memo · auto-generated · as of July 2, 2026
Merlin Solar Technologies, Inc.
Merlin Solar Technologies, Inc. looks under-valued against its niche peers and is active on financing cadence.
Businessfiled
Merlin Solar Technologies, Inc. operates in Other Energy, based in SAN JOSE.
Sub-sector tags: climate/cleantech.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Merlin Solar Technologies, Inc. has raised $26M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $16M on 2025-12-18.
Most recent recorded round closed around 2025-12-18.
Valuation (modeled)modeled
Provath models Merlin Solar Technologies, Inc. at approximately $64M (range $38M–$87M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.66× the median modeled value of Series B Other Energy companies in 2025–2027 (25 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 116 months.
Last raise 6 mo ago; this sector typically re-raises about every 12 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 1.6× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 84% of Other Energy peers (2049 compared).
Modeled value ranks above 77% of those peers.
Closest niche peers: American Resources Corp, Realta Fusion Inc., e2 Companies LLC, Sinda Ltd., Cig Cs3, Llc.
Peoplefiled
14 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.