Solyndra Signs Distribution Deal with DC Power Systems

Solyndra Inc., has signed a new North America distribution agreement with DC Power Systems, a full-service distributor of renewable energy products, headquartered in California.

Solyndra’s technology is a 14% efficient copper-indium-gallium-diselenide (CIGS)-based thin-film PV system. The company said that its system involves rolling CIGS thin-films into a cylindrical shape and then placing 40 of the cylinders into a 1-meter-by-2-meter panel.

“DC Power Systems has an outstanding reputation in renewable energy and they offer their customers a wide range of technology and service capabilities,” said Chris Gronet, Solyndra CEO and founder. “They clearly are the type of innovative, value-added distributor that we seek when authorizing a company to offer Solyndra products.”

Late last year, Solyndra filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The company, a manufacturer of innovative cylindrical photovoltaic systems for commercial rooftops, unveiled its technology in October of 2008, saying that it could be a “game-changer” in the solar photovoltaic industry.

Through October 3 2009, Solyndra has raised close to US $970 million through equity financings, including a $283 million round E and $281 million round F. The company reported losses of $232.07 million for the fiscal year 2008, $114.13 million for the fiscal year 2007, and $27.17 million for the fiscal year 2006.

The company lost $119.2 million in the first nine months of 2009 while bringing in $58.8 million of revenue in the first nine months of 2009 up from $6.0 million in 2008. Since launching its product, the company has sold a total of 18.8 megawatts (MW) of panels, including 17.2 MW in the nine months ended October 3, 2009 and 1.6 MW for the fiscal year ended January 3, 2009.