Solydra withdraws IPO; secures USD$175 million to develop business

The CIGS thin film manufacturer also announced the sale of secured convertible promissory notes to investors in an aggregate principal amount of USD$175 million in a private placement. It said that proceeds from the sales will go towards funding existing operations and supporting growth plans.

Dr. Chris Gronet, CEO of Solyndra stated: “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.”

The company expects first production from its Fab 2 manufacturing complex to occur in the fourth quarter of this year, approximately two months ahead of schedule. “Fab 2 can’t come on line a minute too soon,” continued 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 300 megawatts (MW), enabling economies of scale that will substantially reduce our manufacturing costs.”