Solyndra raises $75 million in credit facility — The solar manufacturer’s latest round of financing to shore up its capital needs come in the form of a secured credit facility underwritten by existing investors.
The company makes cylindrical solar rooftop systems and is a now-controversial recipient of a $535 million loan guarantee from the Department of Energy. The company’s president and CEO Brian Harrison released a statement today that said the company’s annual revenues topped $140 million last year, and is seeing growth in U.S. and European markets. Solyndra has shipped nearly 100 megawatts of panels and expects to reach an installed system cost-of-goods sold price of about $2 per watt in the first quarter of 2013. It has also finished construction of its second factory; the company closed its first facility last year.
GlassPoint drills for oil with solar — The oil recovery company uses solar panels to generate steam (pictured), which is then pumped into wells to help extract oil. GlassPoint says prices of the system are now attractive enough that it is using the solar-powered system for economic reasons rather than environmental ones, CNET reports.
Audi to offer electric car and hybrid options — The company is reportedly working on a successor to its A2 all-aluminum hatchback, and will offer electric and plug-in hybrid options on the vehicle once released, Green Car Reports writes.
U.K. considers solar subsidy cuts — The U.K. government is looking at cutting solar incentives and project sizes over concerns that the attractive incentives in place through April 2012 may lead to an oversupply of solar projects, Bloomberg reports. Some European countries are looking to trim solar incentives to avoid the boom and crash of solar that happened in Spain, and a similar solar bust is expected to happen in the Czech Republic. The world’s largest solar market, Germany, recently decided to cut its subsidies by 15 percent starting in July.
Reno sets up turbine experiment — The Nevada city, home to strong winds, has set up nine wind turbines around the city and is measuring how they perform compared to manufacturer’s claims, the WSJ reports. Instruments will measure wind speed and energy production, and the data will be made publicly available online. The city wants to make the information on performance and cost of maintenance and repairs available publicly, which is also expected to help Reno residents figure out what wind turbines and Reno locations take the best advantage of Nevada winds.