SoloPower Inc., a California-based developer of thin-film solar photovoltaic cells and modules, 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. 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 claims that its 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 said to be 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 process are said to include lower equipment costs, reduced processing times and increased material utilization.
Convexa Capital is a 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 leadership of the REC Group &ndash described as the world’s largest producer of silicon materials for photovoltaic applications and multicrystalline wafers, as well as a significant producer of cells and 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."
