SoloPower, which is reportedly opening its first US factory in Portland, Oregon on Thursday, plans to market lightweight, flexible solar panels that it says are ideal for placement on structures that can't support traditional panels.
Funds from the loan guarantee will help pay for construction of the rest of the Portland factory, which is expected to be completed in 2014, Reuters said.
Once completed, the plant is expected to produce 400 MW of solar panels made from use copper indium gallium selenide (CIGS) annually and employ about 400.
Reuters reported that inn addition to the money it is getting from the government, SoloPower raised more than $200 million in venture funding from investors including Crosslink Capital, Hudson Clean Energy Partners, Convexa Capital Ventures and Firsthand Capital Management.
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