Monday, September 24, 2012

SoloPower Starts Production This Week

San Jose-based SoloPower, a developer of thin-film, solar panel technology, is looking to qualify for payments from the $197M Department of Energy (DoE) loan guarantee program, by turning on its factory this week, according to a report from Reuters today. Reuters said the move to production will qualify it to tap into the DOE's solar power loan guarantee program. Solopower is backed by such investors as Convexa Capital, Scatec AS, Spencer Energy AS, Crosslink Capital, Firsthand Capital Management and Musea Ventures. The firm faces stiff competition from Chinese solar power makers, and intense scrutiny after the failure of Solyndra, another solar panel maker backed by the same, DOE loan guarantee program.