SoloPower, a Milpitas, Calif.-headquartered producer of thin-film solar PV cells and modules, has completed its Series B financing – which raised $30 million. According to the company, the deal was led by new investor Convexa Capital and supported by Scatec AS and Spencer Energy AS.
Existing investors Crosslink Capital, Firsthand Capital Management and Musea Ventures also joined the round. The new funds will support the company's efforts to further develop, manufacture and commercialize a new generation of high-efficiency, low-cost solar cells and modules, SoloPower says.
Additionally, SoloPower was recently awarded a grant of $2.37 million by the United States Department of Energy (DOE). The company was identified as a contributor to the DOE's goal of lowering the cost, increasing the availability and improving the efficiency of solar products.