SoloPower, a maker of flexible thin-film solar power panels, has raised $13.5 million in its fifth round of funding from Crosslink Capital and others, according to a recent filing with the Securities and Exchange Commission.
SoloPower manufactures photovoltaic cells, which capture sunlight and convert it to electricity, on a flexible surface that can be bent and placed just about anywhere. They&'re called thin-film solar panels, but they are typically less efficient at capturing sunlight and converting it to electricity than hard wafer-style photovoltaic cells. Thin-film solar panels are usually able to convert about 15 to 20 percent of the light shining on the panel into energy.
SoloPower recently snagged a $197 million loan from the U.S. Department of Energy to build a thin-film solar panel factory in Wilsonville, Ore. It also raised $51 million in its fourth round of funding and a $20 million loan from Oregon&'s state government.
The company still plans to raise an additional $6.5 million, according to the filing with the Securities and Exchange Commission. Hudson Clean Energy Partner and Convexa AS also participated in this round of funding, according to the filing.
VentureBeat has contacted SoloPower for confirmation and additional details about the recent round.
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Companies: solopower
Companies: solopower
Matthew Lynley is VentureBeat's enterprise writer. He graduated from the University of North Carolina, where he studied math and physics, in May 2010. He has reported for Reuters. He currently lives in San Francisco, California. You can reach him at mattl@venturebeat.com (all story pitches should also be sent to tips@venturebeat.com), and on Twitter at @logicalmoron.
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