SAN JOSE, Calif. SoloPower Inc., a developer of
thin-film solar photovoltaic cells and modules, announced the completion of its Series B financing which raised $30 million.
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.
The company's devices are fabricated on copper-indium-gallium-selenide (CIGS) materials using a
proprietary electrochemical process that is significantly more cost effective than comparative CIGS and silicon-based approaches.