Skyline Solar, Inc announced the launch of the company on Monday, unveiling a new technology called High Gain Solar (HGS) which the U.S. Department of Energy has said will make solar energy cost-competitive with conventional forms of electricity.

Skyline Solar's technology consists of long metal troughs that concentrate light on strips of traditional silicon solar cells, rotating slowly to track the sun over the course of the day. The HGS arrays will be manufactured for the commercial, industrial, government and utility markets, the company said.

Skyline's HGS architecture delivers ten times more energy per gram of silicon versus traditional flat-panel systems in sunny locations and offers industry-leading energy density, the company said in a statement today.

Skyline Solar has received an equity investment from New Enterprise Associates and several financial investors totaling $24.6 million. It was also granted $3 million from the Department of Energy's Solar America Initiative.

We were impressed by Skyline's total system approach which packages many high-gain solar design elements into an elegant array leveraging traditional manufacturing for large scale, said Martha Symko-Davies, a Research Senior Supervisor at the National Renewable Energy Laboratory.

The company's arrays are expected to be available later this year, CNET reported.

Skyline Solar is led Chief Executive Officer Bob MacDonald.