SV Solar is soon to be history after several executive departures and no new funding in two years, reports Greentech Media. While the company faced heavy odds -- not helped by claiming to have special "prism" technology -- it's demise is probably going to become a more common story among venture-backed solar firms going forward.
SV has long been held back by its inexperienced staff and uninspiring technology, and it depended far too heavily on the price of silicon remaining prohibitively high -- a trend that wasn't meant to last. The heart of the company's pitch is that it produces modules that allow fewer expensive solar cells to generate even more energy.
As Greentech notes, the company's vice president of business development defected to 3M, its vice president of marketing is now at Hitachi, and it's vice president of engineering is actively hunting for a job.
While its undoing makes sense, it's noteworthy that SV got a promising enough start: $10.2 million in funding from Bessemer Venture Partners, a reputable firm. And chief executive Steve White has yet to give up the ghost, telling Greentech that SV is seeking funding, and that his non-disclosure agreement prevents him from saying more.