Solexel, Inc., a Milpitas, California-based manufacturer of lightweight, thin-crystalline-silicon solar modules for photovoltaic electricity generation, received a $25m senior debt financing.
The Technology Banking division of Opus Bank (NASDAQ: OPB) provided the financing.
Solexel will use the funds for the completion of its production facility in Milpitas and general corporate purposes.
Led by Michael Wingert, President & CEO, Solexel provides photovoltaic products based on a cell architecture and mono-crystalline silicon material, which optimizes sunlight capture and conversion efficiency.
Its lightweight modules enables installation on weight-constrained residential and commercial rooftops, and reducing the cost of the balance-of-system, such as mounting or installation labor.
Investors include Kleiner Perkins Caufield & Byers, Technology Partners, DAG Ventures, Northgate Capital, GSV Capital Corp. (NASDAQ: GSVC), Gentry Venture Partners, and Jasper Ridge Partners.