SoloPower produces flexible, lightweight photovoltaic modules using copper indium gallium di-selenide (CIGS) solar cells fabricated via a proprietary roll-to-roll electrodeposition process. Its modules are certified to UL and IEC standards and are designed to reduce balance-of-system hardware and simplify installation. The company is expanding manufacturing capacity by upgrading its San Jose facility and building two new high-volume facilities in Portland, Oregon, which together are expected to produce approximately 400MW of thin-film modules annually. SoloPower has received a $197 million loan guarantee from the U.S. Department of Energy to support construction and operation of the three facilities. The expansion is projected to create about 450 permanent jobs, 270 construction jobs, and several hundred additional supply-chain positions. Corporate headquarters remain in San Jose while the company constructs its manufacturing headquarters and first high-volume lines in Portland. SoloPower produces flexible thin-film solar panels—photovoltaic cells printed on a bendable surface that can be placed in locations unsuitable for rigid panels. The company’s panels are typically less efficient than wafer-style cells, converting roughly 15–20% of incident light into electricity. SoloPower is pursuing factory expansion and manufacturing scale: it secured a $197 million loan from the U.S. Department of Energy to build a thin-film panel factory in Wilsonville, Ore. The company has also obtained a $20 million loan from Oregon’s state government to support its operations. Financially, an SEC filing shows SoloPower has raised $15 million so far of a targeted $43.8 million fifth funding round, following a prior $51 million fourth round. The filing previously indicated $13.5 million raised and an earlier plan to raise around $20 million in March, but the new filing reflects the higher target. SoloPower manufactures photovoltaic cells on a flexible surface to produce thin-film solar panels that can be bent and placed almost anywhere. The company’s thin-film panels are generally less efficient than hard wafer-style cells, typically converting about 15–20% of incident light into energy. According to an SEC filing, SoloPower raised $13.5 million in its fifth round of funding from Crosslink Capital and others. The filing also lists participation from Hudson Clean Energy Partner and Convexa AS and says the company still plans to raise an additional $6.5 million. SoloPower previously raised $51 million in its fourth round and received a $20 million loan from Oregon’s state government. It also secured a $197 million loan from the U.S. Department of Energy to build a thin-film panel factory in Wilsonville, Ore.; VentureBeat contacted SoloPower for confirmation and additional details. SoloPower makes flexible thin-film solar panels using copper-indium-gallium-selenide (CIGS) technology. The company uses a proprietary electroplating-based process to manufacture CIGS cells on flexible metal foil, then processes them in a moduling line and laminates them with an encapsulation system that provides a moisture barrier and environmental integrity. Its flexible, lighter-weight panels are intended for installations where rigid polycrystalline silicon options won’t work. SoloPower expects to address the commercial and industrial rooftop and distributed solar power generation markets. It recently attained safety certifications from Underwriter Laboratories and others, and as of December 2010 had customers in Australia, Belgium, France, Germany, Japan, Korea and multiple locations in North America. Financially, SoloPower raised $51.6 million in a venture round and earlier secured about $45 million in debt financing; it is seeking a possible $190 million loan guarantee from the U.S. Department of Energy and has been reported to be seeking a $20 million state energy loan in Oregon to build a plant in Portland. SoloPower manufactures lightweight, flexible thin-film solar modules aimed at rooftop installations that are unsuitable for heavy, rigid panels. Its modules are about 10% efficient and the company claims manufacturing processes that conserve materials and reduce use of expensive components by a factor of five. SoloPower plans to expand its existing San Jose manufacturing line and build a new flexible module factory half a mile away, initially targeting 300 megawatts of annual output and creating roughly 500 permanent jobs. Management says the recent financing gives the company runway to start ramping up production in the summer and that it expects to reach profitability if plans proceed. The company competes with Solyndra, Uni-Solar, NanSolar and Miasole and emphasizes custom, lightweight installations that reduce overall installation costs. Founded in 2005, SoloPower has a board with representatives from Hudson Clean Energy Partners, Firsthand Capital Management, Crosslink Capital and Convexa Capital.

Total raised

$391M

Funding rounds

7

Latest round

Debt Financing

Latest activity

Aug 2011