Solyndra, Fremont, California-based solar company, announced on June 17 that it entered into an agreement for the sale of secured convertible promissory notes to certain of its existing investors in an aggregate principal amount of $175 million in a private placement.
Solyndra said that this financing will be used to fund its existing operations and support its growth plans. "Given the ongoing uncertainties in the public capital markets, we elected to pursue alternative funding from our existing investor base. This funding allows us to address strong customer demand by maintaining our aggressive growth plans," said Dr. Chris Gronet, CEO of Solyndra.
The company expects first production from its Fab 2 manufacturing complex to occur in the fourth quarter of 2010, approximately two months ahead of schedule. "Fab 2 can't come on line a minute too soon," according to Dr. Gronet. "We've now sold over 300,000 panels for deployment on commercial rooftop sites in a dozen countries. By the fourth quarter of 2011, we expect our annualized production to exceed 300MW, enabling economies of scale that will substantially reduce our manufacturing costs."
Solyndra also announced that it has submitted a request with the Securities and Exchange Commission to withdraw its Registration Statement on Form S-1, which was originally filed with the Securities and Exchange Commission on December 18, 2009. The company elected not to proceed with an initial public offering of shares of its common stock at this time due to adverse market conditions and the availability of alternative funding from existing investors. No shares of Solyndra's common stock were sold pursuant to the Registration Statement.
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Solyndra, Fremont, California-based solar company, will hold a Technical Career Fair on May 25th from 4-8 pm. The company will be bringing their new factory online and are looking for team members with technical experience in any of the following areas:
- Thin Films
- Wet Bench
- Factory MES Software
The event will be an informal place to meet Solyndra managers and learn more about the company's technology and the requirements for these technical positions. Those interested should go to www.solyndra.com/technician and submit their resume. Qualified applicants will receive an invitation with the location of the event. A flyer about this event can be downloaded here.
[cross-posted from Green Collar Blog]
Solyndra, a company based in Fremont, California that designs and manufactures photovoltaic (PV) systems for the commercial rooftop market, emerged from stealth mode earlier this week and announced that it has $1.2 billion of multi-year contracts with customers in Europe and the United States. Solyndra claims that its CIGS-based thin film PV systems provide significantly lower installation costs and significantly higher annual solar electricity output per rooftop as compared to conventional solar panel installations for large, low-slope commercial rooftops.
"By eliminating the need for roof-penetrating mounts and wind ballasts, PV arrays with Solyndra panels can be installed with one-third the labor, in one-third of the time, at one-half the cost," said Manfred Bachler, Chief Technical Officer at Phoenix Solar AG, one of the largest solar power integrators in Europe and a Solyndra customer. "For commercial rooftops, PV module installation time can now be measured in days, not weeks. For flat commercial rooftops this is game-changing technology."
Solyndra founder and CEO Chris Gronet said "Solyndra’s system uniquely optimizes PV performance on commercial rooftops by converting more of the sunlight that strikes the total rooftop area into electricity while also providing for a lower installation cost and lower cost of electricity."
The following video provides an illustration of the manufacturing and installation of Solyndra’s product.
According to various media reports, Solyndra CEO Chris Gronet has stated that the company has raised $600 million in equity financing. Solyndra’s investors include Argonaut Private Equity, Artis Capital Management, CMEA Ventures, Madrone Capital Partners, Masdar Clean Tech Fund, Redpoint Ventures, RockPort Capital Partners, U.S. Venture Partners, and the Virgin Green Fund.
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