SoloPower adds more financing

SoloPower has added to its financing war chest as it prepares to open its Portland manufacturing facility.

SoloPower has added to its financing war chest as it prepares to open its Portland manufacturing facility. 

SoloPower disclosed a $10.7 million round of debt and equity financing in a filing with the U.S. Securities and Exchange Commission.

The round is likely an extension of the $7.1 million financing disclosed by the company in May.

SoloPower is hiring up for its Portland manufacturing facility, slated to start production of the company's flexible, thin-film solar panels later this year. The company received a $197 million loan guarantee from the U.S. Department of Energy to help finance the facility.

DOE loan recipient Abound Solar shut its doors late last month, adding another casualty to the list of solar companies backed by the federal government going belly up. Solyndra LLC filed for bankruptcy protection last year and became a poster child for critics of the governments backing of renewable energy.

Greentech Media's Eric Wesoff reports that San Jose, Calif.-based SoloPower is going after a crowded rooftop market but that its product may be more efficient.

"The value proposition for flexible modules from SoloPower is that there is less hardware required to install the modules and the installation is easier and less expensive," Wesoff writes. "However, this thesis has yet to be proven in volume and scale."

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