Flexible solar panel manufacturer SoloPower has raised $15 million of a targeted $43.8 million fifth round of funding, according to a new 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.
The company filed a form with the SEC that indicated it has raised $13.5 million but only planned to raise around $20 million in March. The new filing indicates a much higher target for fundraising in its fifth round of funding.
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.
Crosslink Capital and Hudson Clean Energy Partner participated in this round of funding, according to the filing.