SoloPower Raises $30 M for Solar Cell Production

Milpitas, California [RenewableEnergyAccess.com] SoloPower announced the completion of its Series B financing for $30 million, which will help to further develop, manufacture and commercialize a new generation of high-efficiency, low-cost solar cells and modules.

SoloPower'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.

"SoloPower's manufacturing process is aimed at addressing the two chief success criteria in today's solar energy market: cost and efficiency," said Convexa Capital's managing partner, Bjorge Gretland. "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."

In a separate development, SoloPower was recently awarded a grant of $2.37 million by the U.S. Department of Energy (DOE). SoloPower joined a select number of companies whose technology efforts were flagged as promising contributors to the DOE's goal of lowering the cost, increasing the availability and improving the efficiency of solar products.