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.
While there have been a number of high-profile loan guarantee-backed flameouts — Solyndra comes to mind — Harris has been adamant that the company is moving quickly and will be successful.
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.
But as Greentech Media’s Eric Wesoff points out, the company is wading into a so far unproven market and with the price of conventional silicon solar panels continuing to shrink, its value proposition may be on the decline as well.
In March, SoloPower officials announced former presidential candidate Gen. Wesley Clark had joined its board of directors.