Solopower

The saga continues, as they say:

 

REUTERS, September 24, 2012:

SoloPower Funding: U.S. Poised To Hand Over $197 Million To Another Solar Panel Start-Up

LOS ANGELES, Sept 24 (Reuters) – A tiny solar company named SoloPower will flip the switch on production at a U.S. factory Thursday, a major step toward allowing it to tap a $197 million government loan guarantee awarded under the same controversial program that supported failed panel maker Solyndra.

SoloPower has initiated a strategy to differentiate it from struggling commodity players in the solar panel industry. Still, there are several similarities between SoloPower and Solyndra – which became a lightning rod in the U.S. Presidential campaign this year after taking in more than $500 million in government loans and then filing for bankruptcy.

Like Solyndra, SoloPower is a Silicon Valley start-up and uses the same non-traditional raw material in its solar panels. And, like its now-defunct peer, SoloPower is one of just four U.S. panel manufacturers to clinch loan guarantees under the Department of Energy’s $35 billion program to support emerging clean energy technologies. The DOE payments to SoloPower will come on top of the $56.5 million SoloPower has collected in loans, tax credits and incentives from the state of Oregon and the city of Portland, where its first factory will be located.

 

THE OREGONIAN, April 22, 2013:

SoloPower, the startup pitched as the most innovative player in Oregon solar manufacturing, will suspend its Portland operations in June and gut its remaining workforce.

 

It’s unclear whether production will ever start back up, or whether the state will recoup millions of dollars in incentives meant to fuel the company’s growth and create hundreds of well-paying jobs.

 

The development apparently came as a surprise Monday to the two state agencies charged with tracking its performance.

 

 

THE OREGONIAN, Jan 30th 2014:

SoloPower Systems, with cash infusion, faces Feb. 1 deadline to make state loan payment

Long-idled Portland manufacturer SoloPower Systems Inc. says it has lined up bridge financing as executives work to turn the power back on at its solar-panel factory.

State officials say, however, that they still don’t anticipate the company will make a $119,000 payment due next week on its $10 million loan.

SoloPower made the announcement Wednesday in a statement posted to its website. Chief executive Rob Campbell described the funding as “a runway to finalize our longer-term financing plans.”

The company offered few other details, such as the size of the investment, or the timing of any larger deal needed to ramp up operations.

A message left at a number listed for SoloPower has not been returned.

The spokesperson originally named on the press release said his public relations agency has not worked with SoloPower for a year.

Executives had been seeking upwards of $50 million to resume manufacturing at the factory, which has largely been idled since June. As recently as last week, the parking lot at the company’s North Marine Drive headquarters and factory was empty.

SoloPower restructured its operations in July after striking an agreement among its top private investors and the state, which has backed the company with $30 million in loans and tax credits. Under the restructuring deal, SoloPower received a much more flexible timeline to meet the production and hiring benchmarks required by the state.

The Oregon Department of Energy also agreed to delay payments on a $10 million loan partially backed by the City of Portland.

 

PV TECH, February 7 2014

Solopower claims new finance could re-open shuttered thin-film factory

Solopower is confident it will be able to resume manufacturing soon. Source: Solopower.

 

Thin-film manufacturer Solopower has announced that it is close to reopening its factory in Portland, Oregon.

 

The firm claims to be finalising an agreement with new investors that will allow it to re-staff the facility that has remained largely idle since last year. It has arranged a round of interim financing as the first stage of that process.

 

“This bridge financing provides us with the runway to finalise our longer-term financing plans,” said Rob Campbell, president, Solopower Systems in an official statement. “Our proprietary Solopower technology and lightweight flexible PV CIGS products serve many new and underserved markets, from which we continue to receive very strong interest.”

 

“We’re excited that this latest show of commitment from our investors will enable the large volume production needed to satisfy pending orders from Europe, MENA, the Americas and Australasia,” he added.

 

Earlier this week a deadline passed on a debt owed to Oregon’s department of energy. It was unclear whether the remaining sum, in excess of US$100,000, had been paid within the five day grace period that followed the 1 February deadline.

 

 

Meanwhile in California, a short notice sale of a “110,000 SqFt Thin Film Solar Manufacturing Plant”

 

	2009-2011 Thin Film Manufacturing Facility Featuring: BoostSolar Laminating Line, Jeol SEM & Polisher, (2) Smit Reactor Furnaces, (3) Ixmation Interconnect Lines, Dalux Auto Web, Slitting, Screen Printing, Water System, Support Equipment, Lab and Plant Support.

 

 

Sale Type Online Auction	Sale Location 5981 Optical Ct. San Jose, CA 95138 Map/Directions	Currency USD	Online Bidding
Date & Time Start: Mon. 02/17/2014 10:00am (PST) Closing: Wed. 02/19/2014 10:00am (PST)	Inspection/Preview Mon. 02/17 & Tue. 02/18 (9am – 4pm) Contact: tracym@newmillcapital.com

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