The economy may be reeling and the solar industry may be struggling to finance projects, but Skyline Solar’s executive team still thought it was time to come out of stealth mode. The Mountain View, California-based startup announced Monday the official launch of the company and its concentrating solar photovoltaic system.

“Skyline Solar is focused on a single goal as a company—accelerating the deployment of solar energy to meaningfully offset fossil fuel consumption,” said Bob MacDonald, CEO of Skyline Solar, in a statement. “We have a laser-like focus on real-world system performance and delivering the lowest cost of energy in the industry.”

The two-year-old firm isn’t lacking for money. As part of the announcement, Skyline said that it has raised $24.6 million in a first round of venture financing led by New Enterprise Associates. The startup also has pocketed $3 million as part of the Department of Energy’s Solar America Initiative that rewarded companies whose innovations could “make solar energy cost-competitive with conventional forms of electricity.”

Skyline, which is targeting commercial and industrial customers, has developed a single-axis tracking system with a reflective rack in the shape of a trough that bounces sunrays toward silicon-based solar cells. The racks have a metal heat sink that promotes convection cooling and keeps the cells running at lower, more efficient temperatures. These features mean the cells only need about 10 percent of the silicon of conventional solar cells, according to Skyline.

The startup says it’s focused on minimizing the cost of its systems by building them out of commodity materials with well-known manufacturing processes from the automotive and photovoltaic industries. But those aims have not yet been put to the test on a large scale—Skyline has so far only built one demonstration plant, for the Santa Clara Valley Transportation Authority in San Jose, California.

Other concentrating solar companies include SolFocus and Sol3g.