Solexel Receives $25 Million in Financing From Opus Bank

Solexel

Opus Bank (NASDAQ: OPB) announced today that its Technology Banking division provided $25 million of senior debt financing to Solexel, Inc., a venture-backed manufacturer of high-performance, low-cost, lightweight, thin-crystalline-silicon solar modules for photovoltaic electricity generation. The financing provided by Opus will be used for the completion of its production facility in Milpitas, California and general corporate purposes.

Stephen H. Gordon, Chairman, Chief Executive Officer, and President of Opus Bank stated, “Solexel is a great company that manufactures reliable, highly efficient, and aesthetically appealing solar modules for electricity generation at substantially reduced costs. The capital funding Opus Bank provided to Solexel is directly in accordance with our recently announced $1 billion commitment to back those companies that drive sustainable economic and job growth in California.” Gordon concluded, “At Opus Bank, we’re passionate about financially backing entrepreneurs who are committed to driving business growth. We are confident that Solexel is one of those companies that shares our vision to expand and grow and has the potential to be a catalyst for job creation and economic development in California.”

Solexel’s high-performance, low-cost, photovoltaic products are based on a high-efficiency cell architecture and mono-crystalline silicon material, which optimizes sunlight capture and conversion efficiency. Solexel’s innovative solar modules use the least amount of expensive materials possible while providing industry-leading performance. Low material usage allows Solexel to manufacture solar modules at substantially reduced costs, putting solar-based electricity on the path to being cost competitive with traditional fossil fuel-based electricity generation sources.

Kevin McBride, Senior Managing Director and Head of Opus’ Technology Banking division, stated, “Solexel has developed differentiated photovoltaic technology that allows power generated by its solar arrays to be less expensive, without subsidies, than conventional electricity. Their product is aesthetically superior to conventional solar panels and a fraction of the weight, thereby allowing it to be deployed in areas and ways not previously receptive to solar.” McBride added, “The senior debt solution provided by Opus Bank is an example of Opus’ technology experience and capability to deliver needed financing to venture-backed companies in their growth stage. Opus is pleased to have the opportunity to become Solexel’s lead commercial bank and to have joined such noted investors as Kleiner Perkins Caufield & Byers, Technology Partners, and The Westly Group in backing Solexel’s success.”

Mark Kerstens, Chief Sales & Marketing Officer and Acting CFO of Solexel commented, “It has been a pleasure working with Kevin McBride and his team at Opus Bank. They made an effort to understand Solexel’s specific needs, and together we developed a debt financing solution that addresses those needs. We look forward to a long-standing relationship with Opus Bank.”

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This post was prepared by Solar Thermal Magazine staff.