Solar Power Inc. (SPI), a vertically integrated manufacturer of photovoltaic (PV) modules and a marketer, designer and installer of PV solar electric systems for commercial, public and residential customers in the U.S., is now trading on the OTC Bulletin Board under the ticker symbol SOPW.
SPI completed a private placement on Oct. 6, 2006, raising gross proceeds of $16 million in exchange for 16 million shares of its common stock. Currently, the company has approximately 32.9 million fully diluted shares outstanding with management and insiders holding approximately 32% of the outstanding shares.
‘We now have the necessary components in place to launch our franchise model, which will enable us to expand our geographic footprint and customer base,’ says Stephen Kircher, CEO and chairman. ‘Federal and state government rebate and tax incentives are becoming increasingly more favorable for potential customers and will further improve the economics driving solar adoption. Given our established manufacturing capacity, recent contract wins, emerging retail presence and experienced management team, we believe we are well positioned to benefit from this emerging, long-term secular growth trend.’
SPI was founded in 2005 and is headquartered in Sacramento, Calif. It operates a manufacturing facility in Shenzhen, China.