SoloPower raises "tens of millions" more, despite similarity to competitors

July 11, 2007 | Matt Marshall

SoloPower, yet another company in Silicon Valley trying to making cheaper solar power modules, has raised “tens of millions of dollars” more in capital.

We wrote about the company four months ago, when it raised $10 million, and noted it uses the same CIGS material that several other start-ups are using, and which are having problems reaching sufficient “efficiency.” Efficiency refers to the percentage of the sun’s energy that is translated into electricity by the photovoltaic process.

Alf Bjorseth, founder of one of the world’s largest solar companies, Renewable Energy Corp, made the investment, according to VentureWire (subscription required). The financing will be used to build a 20-megawatt capacity production facility.

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Tags: deal

About the Author, Matt Marshall

Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.