15 July 2013

CIGS firm SoloPower to restructure while seeking financing

SoloPower Inc of San Jose, CA, USA, which makes thin-film copper indium gallium diselenide (CIGS) photovoltaic (PV) cells and lightweight flexible solar modules using a proprietary roll-to-roll electro-deposition process, says that an agreement in principle has been reached with its major secured creditors on a comprehensive restructuring plan as it continues to seek new strategic financing for future expansion.

The firm has previously announced job lay-offs and the sale of some “surplus or redundant assets” at its San Jose site in an effort to keep the company afloat. SoloPower laid off 29 staff at the site on June 17, according to a notice from Oregon’s Department of Community Colleges and Workforce Development.

“This agreement will enable SoloPower to seek new strategic partners to enable continued production at the Portland, Oregon facility and advance our innovative lightweight PV technology,” says CEO Rob Campbell. According to The Korea Herald, SoloPower is in talks with Korean convergence technology firm CTI Korea, and the aim is to open a solar panel manufacturing unit in Guangju and start phase one production as early as next year, according to Campbell. However, he says that, although South Korea is part of SoloPower’s long-term plans, the development would not threaten domestic US jobs: the Oregon factory is “an essential part of our going forward strategy”, he adds. “We are confident that we are on the right path and appreciate the support of our secured creditors.”

SoloPower has also confirmed reports that it is planning to move its head office location to Portland, Oregon, in order to further optimize operations.

The firm says that its proprietary lightweight, flexible solar modules serve a unique and underserved market — commercial and industrial rooftops on which traditional solar panels cannot be installed due to their weight and rigidity.

See related items:

CIGS PV firm SoloPower recruiting for high-volume factory in Oregon

CIGS PV firm SoloPower raises a further $7.1m

SoloPower raises a further $15m in fifth-round funding

SoloPower receives $197m DOE loan guarantee to build CIGS PV module factory

Tags: SoloPower CIGS

Visit: www.SoloPower.com