Solar Power Inc. designs, distributes and installs complete photovoltaic (PV) solar systems for customers in the United States. The company also sells their solar modules and system components to installers and distributors for use throughout Asia and Europe. Solar Power’s unique brand of photovoltaic modules and system components are manufactured at the company’s factory located in Shenzhen, China.
The company’s business strategy is to develop, manufacture and market solar panels and system component products as a complete photovoltaic system to industrial, commercial and residential facilities located primarily in the United States. Solar Power also brings their products to market through strategic company-owned retail operations and the national Yes! Solar Solutions franchise network that the company is currently building.
Solar Power Inc. announced today that it has entered into definite agreements with institutional and accredited investors with respect to a private placement of the company’s stock. The placement is expected to have gross proceeds of approximately $12 million before payment of placement agent commissions and offering expenses.
Deutsche Bank served as sole placement agent for the transaction and WI Harper was the lead investor. WI Harper is a venture capital firm that invests in expansion stage companies with significant operations in Greater China.
Stephen Kircher, CEO of Solar Power, stated, “The company intends to use the net proceeds from this financing for general corporate purposes, including working capital. Our pipeline of opportunities has grown significantly in all of our vertical sales channels. This additional equity will also us to capitalize on these opportunities and continue our business growth.”