SoloPower
| Company type | Private |
|---|---|
| Industry | Solar energy |
| Founded | 2005 |
| Founder | Bulent Basol, Homayoun Talieh |
| Defunct | 2017 |
| Headquarters | San Jose , United States |
| Products | Copper indium gallium selenide (CIGS) thin-film flexible photovoltaic solar panels |
| Website | solopower |
SoloPower was a company in the solar energy sector focused on the design and production of Copper indium gallium selenide (CIGS) thin-film flexible Photo-voltaic Solar Panels. The firm utilized a unique electroplating process to optimize material usage, achieving efficiency rates close to 100%.
Headquartered in San Jose, California, SoloPower became the pioneer in obtaining UL Certification for flexible CIGS solar panels in 2010, an achievement acknowledged by then-California Governor Arnold Schwarzenegger. That same year, the company also earned IEC Certification (IEC 61646 and 61730) for its flexible CIGS modules, marking another first for the industry. In March 2012, SoloPower’s panels reached a record aperture efficiency of 13.4% for flexible CIGS technology, as confirmed by NREL.
Company history
Founded in 2005 by Bulent Basol and Homayoun Talieh, SoloPower launched its initial pilot production line during its founding year. The company obtained $45 million in debt funding in 2010, allocating $19.9 million to buy out the original founders Talieh and Basol.
During that period, SoloPower negotiated with Wilsonville, Oregon, to develop a manufacturing facility. In 2011, the U.S. Department of Energy approved a $197 million loan guarantee for a planned 400MW plant in Oregon. Later that year, plans shifted to construct the facility in Portland. However, by April 2013, SoloPower halted operations at its Portland site and significantly downsized its staff.
SoloPower was honored with the 2012 TiE50 award for innovation in Clean Energy. The company ultimately ceased operations by late 2017 and is no longer functioning.
Funding
In 2007, Norwegian investors Convexa Capital, Spencer Energy, and Scatec collectively contributed approximately $30 million to SoloPower. The U.S. Department of Energy (DOE) supported the firm with $197 million through the same initiative that financed Solyndra. Furthermore, the City of Portland and Oregon state agencies provided $56.5 million through loans, tax incentives, and other benefits, while the California Energy Commission granted nearly $5 million. Early in 2011, SoloPower raised an additional $13.5 million from Crosslink Capital. Major investors included Hudson Clean Energy Partners, Crosslink Capital, Convexa, and Firsthand.
In 2017, despite SoloPower owing more than $8 million to Oregon's Department of Energy, the agency paid $641,835 to cover outstanding rent. This occurred following earlier financial assistance comprising $13.5 million in tax credits and $10 million in direct support from Oregon.
Governments pay for defaults
The City of Portland has been disbursing $119,000 monthly through late 2020 to cover SoloPower’s loan default guaranteed under Mayor Sam Adams’ administration in 2011. These payments are sourced from Portland's Bureau of Transportation budget since parking meter revenues served as collateral. This obligation arises from a $5 million state loan guarantee that Portland is required to repay until October 2020.
See also
External links
- Articles with short description
- Solar energy companies of the United States
- Photovoltaics manufacturers
- Thin-film cell manufacturers
- Manufacturing companies based in San Jose, California
- Technology companies based in the San Francisco Bay Area
- Energy companies established in 2005
- Manufacturing companies established in 2005
- Renewable resource companies established in 2005
- 2005 establishments in California
- American companies established in 2005