The company decided to scale back operations in April this year and take steps to reduce operating costs. It was also announced then that looking for strategic investors was the next step. With the agreement that has been reached in principle with its major secured creditors on a comprehensive restructuring plan, SoloPower can now move on to look for these strategic partners.
SoloPower CEO Rob Campbell stated, "This agreement will enable SoloPower to seek new strategic partners to enable continued production at the Portland, Oregon facility and advance our innovative light weight PV technology. We are confident that we are on the right path and appreciate the support of our secured creditors."
The company also confirms that it will be moving its head office to Portland, Oregon to optimize operations. The company opened a CIGS thin film photovoltaics manufacturing facility in Portland in September 2012 with an annual target capacity of 400 MW.
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