SoloPower discloses $13.5M in new funding
By Erik Siemers, Business Journal staff writer
Business Journal staff writer
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.
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