SoloPower raises another $12 million

SoloPower raised $12 million more as it ramps up production in Portland.

SoloPower raised $12 million more as it ramps up production in Portland. 

SoloPower closed this week on a $12 million round of financing, a week after opening the doors to its first full-scale manufacturing facility in Portland.

According to documents filed with the U.S. Securities and Exchange Commission, the $12 million came from a combination of debt financing and options or warrants.

The additional funding comes during a week where Mitt Romney, the Republican nominee for president, trash-talked the likes of Solyndra and Tesla during a debate with President Barack Obama, holding them up as examples of misguided investments by the Obama administration.

SoloPower, recipient of the same type of federal loan guarantee — SoloPower's is for $197 million — as the companies Romney called "losers," is working to ramp up production in Portland quickly to take advantage of what CEO Tim Harris said last week is a strong demand for lighter, flexible solar panels ideal for industrial buildings.

SoloPower has been gradually increasing its access to capital as it ramps up production. The company closed on $7.1 million in May and $20 million last December.


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