Truth Before Dishonor

I would rather be right than popular

Solopower

Posted by DNW on 2014/02/12


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

Buyers Premium

Buyers Premium of 15% on all items with an additional 3% Bidspotter fee.

 

 

Featured Items

  • SHORT NOTICE AUCTION – Equipment 2009 – 2011

  • OVER 500 LOTS

  • Equipment List Posted – Complete Lot List to Be Posted – 2/12

  • Assets Cleared for Removal by Clean Harbors

  • BoostSolar 96″ Lamination Line

  • Jeol JSM-7600F Field Emission SEM

  • Jeol IB-09010CP Polisher

  • (3) Ixmation Interconnect Systems

  • (2) Smit Ovens Narrow Selenization Reactor Furnaces

  • Dalux 15-Heat Zone Autoweb

  • (2) Mustang Single Chamber Web Coating Systems

  • Automatic Screen Printing

  • GE Osmonics 3-Barrel RO System

  • Aquafine Water Treatment System – DI/UV

  • Slitting & Rewind

  • Varian Bell Reactor

  • CalWeld Post Chamber

  • Glenmarc Portionator Despensebot & Applicator

  • Hi Pot Testers & Testing Tables

  • Sub Zero Environmental Chambers

  • Labconco Hoods & Lab Cabinets with Flammable Storage Bases

  • Large Qty Solar Panel Manufacturing Material, Electronics & Wiring

  • Lab Equipment, Plant and Process Support

 

 

 

7 Responses to “Solopower”

  1. Yorkshire said

    The other Gummint Agency called OPM (Other Peoples’ Money) is alive and well and Bankrupting US. And the Repulsicans gave the farm away again in the Debt ceiling making this crap possible. So far the best comment I’ve seen on Congress is the dress should be changed to the NASCAR dress code so we can see who has bought and paid for them with the corporate logos, and PAC logos.

    Like

  2. Mandy Dee said

    would you care if I retweet your post?
    [It was not a real twitter account to anything useful, but you used to get to see the back side of a thong and the backside of a person. Since delinked -JRH]

    Like

  3. DNW said

    It will be interesting to see whether the already shuttered facility in Oregon opens back up. As of the other day corporate was not responding to new media inquiries.

    And it appears that this auction at headquarters in Ca. is a short notice sale.

    I have not seen it mentioned in the papers yet, and only know about it because of industrial information I regularly receive but seldom if ever bother to share.

    Despite the lack of comments, this post had an unusual number of immediate direct hits and views for an entry that was put up with so little description.

    Odd …

    Like

  4. DNW said

    Mandy Dee said
    2014/02/13 at 18:05 e

    would you care if I retweet your post?”

    Can’t tell if this is legit or not.

    Go ahead.

    But send TBD no pictures of mail order brides or discount Rolex watches please.LOL

    Like

  5. Yorkshire said

    DNW responded: But send TBD no pictures of mail order brides or discount Rolex watches please.LOL
    —————————————————————————————————————————-

    I thought by now the Brides would arrive via UPS or FedEx. 😀

    Like

  6. […] DNW wrote, on Truth Before Dishonor, about yet another federal government funded solar energy project. […]

    Like

  7. DNW, that was, indeed a spam hit. See note attached.

    Like

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