SoloPower Raises $30 Million in Series B Financing

Jul 12, 2007, 01:00 ET from SoloPower, Inc.

    MILPITAS, Calif., July 12 /PRNewswire/ -- SoloPower, an innovator of
 thin-film solar photovoltaic cells and modules, today announced the
 completion of its Series B financing which raised $30 million. The deal was
 led by new investor, Convexa Capital and supported by Scatec AS and Spencer
 Energy AS. Existing investors, Crosslink Capital, Firsthand Capital
 Management and Musea Ventures also joined the round. The new funds will
 support the company's efforts to further develop, manufacture and
 commercialize a new generation of high-efficiency, low-cost solar cells and
 modules.
     SoloPower's production technology offers unique advantages over
 alternative solar cell manufacturing approaches. The company's devices are
 fabricated on copper-indium-gallium-selenide (CIGS) materials using a
 proprietary electrochemical process that is significantly more cost
 effective than comparative CIGS and Silicon-based approaches. The solar
 cell is built on a thin flexible foil substrate that is optimized for
 maximum efficiency. The advantages of SoloPower's novel process include
 lower equipment costs, reduced processing times and increased material
 utilization.
     Citing SoloPower's technology differentiators and substantial market
 potential as important factors in his company's investment decision,
 Convexa Capital's managing partner, Bjorge Gretland also noted,
 "SoloPower's manufacturing process is aimed at addressing the two chief
 success criteria in today's solar energy market: cost and efficiency. These
 success criteria are not only key to an individual producer's market share;
 they are also pivotal to growing the overall solar energy market by making
 it more competitive than traditional energy sources."
     The new investors comprise a powerhouse team of alternative energy
 entities. Together, they bring significant business and technology
 resources to SoloPower. Convexa Capital is a leading Norwegian venture
 capital firm with portfolio companies in the renewable energy and other
 technology sectors. Spencer Energy AS is a company controlled by Arne
 Blystad, chairman of Songa Drilling. Scatec AS -- led by solar pioneer, Alf
 Bjorseth -- serves as the nucleus for the development of new business ideas
 within the areas of renewable energy and environmentally friendly 'advanced
 materials.' Dr. Bjorseth earned his reputation as a solar expert for his
 skilful leadership of the REC Group-the world's largest producer of silicon
 materials for photovoltaic applications and multicrystalline wafers, as
 well as a significant producer of cells and modules. Under Bjorseth's
 management, the REC group became the only fully integrated solar energy
 company in the world, with production in all parts of the value chain --
 from raw materials to complete solar modules.
     "Our priority was to attract an elite group of alternative energy
 investors who could complement our existing investor line-up and contribute
 in a meaningful way to our company's growth," said SoloPower's co-founder
 and CEO, Homayoun Talieh. "We're extremely proud that these noted
 alternative energy advocates selected SoloPower as a key investment
 opportunity. Not only do we stand to gain from their financial support; we
 will also benefit from their experience of building multi-billion-dollar
 companies in this sector."
     In a separate development, SoloPower was recently awarded a prestigious
 grant of $2.37 million by the United States Department of Energy (DoE).
 SoloPower joined a select number of companies whose technology efforts were
 flagged as highly promising contributors to the DoE's broad goal of
 lowering the cost, increasing the availability and improving the efficiency
 of solar products.
     Commenting on the DoE award, SoloPower's co-founder, executive VP and
 CTO, Bulent Basol, Ph.D., noted, "SoloPower was selected by the government
 based on our demonstration of a scalable, affordable manufacturing process
 that promises significant benefits over existing technologies. Even among
 the grant winners, our process stands out as uniquely innovative, due to an
 electroplating process that incorporates CIGS materials."
     About SoloPower, Inc.
     SoloPower, Inc. is innovating energy economics through its unique
 thin-film photovoltaics (PV) technology. The company's mission is to mass
 produce low-cost, high-efficiency PV modules that offer a viable
 alternative to electricity produced using traditional fossil fuels.
 SoloPower devices are fabricated on copper-indium-gallium-selenide (CIGS)
 materials using a proprietary electrochemical process. The solar cell is
 then built on a thin flexible foil substrate that is optimized for maximum
 efficiency. The company is headquartered in Milpitas, California. For more
 information, please visit http://www.solopower.com
     About Convexa Capital
     For more information on Convexa Capital, please visit the company on
 the internet at http://www.convexa.no
     About Crosslink Capital
     For more information on Crosslink Capital, please visit the company on
 the internet at http://www.crosslinkcapital.com
     About Firsthand Capital Management
     For more information on Firsthand Capital Management, please visit the
 company on the internet at http://www.firsthandfunds.com
     About Musea Ventures
     For more information on Musea Ventures, please visit the company on the
 internet at http://www.museaventures.com
     About Scatec AS
     For more information on Scatec AS, please visit the company on the
 internet at http://www.scatec.no
     About Spencer Energy AS
     For more information on Spencer Energy AS, please visit the company on
 the internet at http://www.blystad.com
 
 

SOURCE SoloPower, Inc.