SoloPower discloses $13.5M in new funding

SoloPower Inc. on Friday disclosed in a regulatory filing that it raised nearly $13.5 million in capital.

San Jose, Calif.-based SoloPower, a manufacturer of thin-film solar energy panels, in January announced plans to invest $340 million and bring as many as 500 jobs to a new manufacturing plant in Wilsonville, where it plans to move into a former Nike Inc. distribution center.

A spokesman for the company could not immediately be reached for comment.

The new funding, disclosed in a federal U.S. Securities & Exchange Commission filing, includes participation from previous investors, including Crosslink Capital of San Francisco and Hudson Clean Energy Partners, a New Jersey-based private equity firm that also backs Element Power, a renewable energy developer with a North American headquarters in Portland.

The $13.5 million is part of an anticipated $20 million capital raise, according to the filing, and follows a nearly $52 million round in January and $44.8 million in February 2010 that included the same lineup of investors.

SoloPower last month received a $197 million loan guarantee from the U.S. Department Energy to help secure financing for its manufacturing plant.

The DOE program isn’t a direct loan, but an agreement that the federal government will cover the borrower’s debt obligation to its lenders in the event of a default. It’s designed to let the federal government share the financial risk on projects built around technology that hasn’t yet been proven the market.

@ErikSiemers | | 503-219-3418


If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.