SoloPower raises $44.9M (San Jose)
SoloPower Inc., maker of thin-film solar modules for rooftops, has raised $44.9 million in debt financing, according to a filing made Friday with the U.S. Securities and Exchange Commission.
The company in addition is trying to raise another $100 million to match a possible $200 million loan guarantee from the U.S. Department of Energy.
The San Jose-based SoloPower used $19.9 million of the debt funding to buy out the shares of co-founder and CEO Homayoun Talieh and co-founder and former Chief Technology Officer Bulent Basol.
If the new round of fund raising and the DOE loans come through, it will fund the expansion of the company’s existing manufacturing on Optical Drive and finance construction of a new factory that is expected to create 500 permanent jobs plus numerous construction jobs during the building process.
Read the full story in the Silicon Valley/San Jose Business Journal.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.