Solyndra Offers $175 Million in Promissory Notes to Investors and Forgoes IPO
Source/Type: News - Staff reports

Author: CompoundSemi News Staff

June 21, 2010... Solyndra, a maker cylinder-shaped copper indium gallium diselenide solar modules, has chosen to offer up to $175 million in promissory notes for sale to certain of its investors to raise money. The company chose not to go ahead with its initial public offering (IPO), and withdrew its registration statement with the U.S. Securities and Exchange Commission. Solyndra also reports that it expects first production from its Fab 2 manufacturing complex to occur in the fourth quarter of 2010, approximately two months ahead of schedule.

“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,” commented Dr. Chris Gronet, CEO of Solyndra.

“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.”

Earlier in the month Solyndra achieved microgeneration product certificatin from BRE Global Limited for sales of its solar modules in the UK Market. Also during June, LPS industries completed the largest installation of Solyndra solar cells on its specially designed "cool roof."

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