SoloPower Raises $43.7M To Build Roll-Up Solar Panels
SoloPower, a manufacturer of flexible thin-film solar cells and modules has just raised another $43.7M in an equity round. This is on top of the $200 million the company had raised back in February from the US Department of Energy Loan Programs office.
The loan was made out to the company for them to build a full capacity facility, expected to produce 400MW of thin-film Photovoltaic modules annually. SoloPower is based in San Jose, the mecca of Silicon Valley and is in the works of building the largest manufacturing plant in Wilsonville, Oregon, as Tech Crunch reports.
The company expects to spend about $370 million on the plant which will house 500 employees working full-time once the plant is going at full capacity.
Using a roll to roll electroplating process, the company creates roll-up solar panels that make the green technology more portable. The sheets themselves are made up of thin-film solar panels and are expected to become a leader in solar panel technology.
Perhaps Google will acquire them by the end of the year? Given their recent spending of nearly a billion dollars on ecofriendly technology, I wouldn’t be surprised if Google swallowed this one up, whole.