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May 29th, 2012
Flexible CIS module manufacturer SoloPower raises $7.1 Million
Flexible CIS PV modules are targeting BIPV (Building-Integrated PV), still considered as a niche market.
• As describes Yole Développement in its report about CIS technology and market, the competition with crystalline silicon is very tough for CIS (CIGS) module manufacturers
SoloPower raised an additional $7.1 million in financing from existing investors, according to a filing with the Securities and Exchange Commission.
The thin-film solar company, which is building out and staffing a $340 million manufacturing facility in North Portland, last year finalized a $197 million loan guarantee.
A $20 million round of debt and options closed in December was identified by SoloPower CEO Tim Harris as a “critical step” toward completing the Portland facility. This week’s financing is a follow-up to the December round.
SoloPower investors include Hudson Clean Energy Partners and Crosslink Capital, among others.
The value proposition for SoloPower’s flexible solar panels is that they are lighter and easier to install than rack-mounted arrays of silicon-based photovoltaics.
SoloPower flexible modules on roof (Courtesy of SoloPower)
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