Solyndra, Inc., a California-based solar manufacturer which has been planning a well-publicized initial public offering (IPO), said on Thursday that the company has decided to forgo its IPO and turn to existing investors for funding.
Rather than issuing stock, Solyndra will tap $175 million of private capital. The company's backers include Argonaut Private Equity, RockPort Capital, Masdar Abu Dhabi Future Energy Company and the Virgin Green Fund backed by billionaire Richard Branson.
The statement marks a turn-around for the company, which originally filed for the IPO last December. Dr. Chris Groent, CEO of Solyndra, cited "ongoing uncertainties in the public capital markets," and said that funding from the company's venture capital and private equity backers "allows us to address strong customer demand by maintaining our aggressive growth plans."
The company made headlines recently when they installed their largest solar panel array on the roof of LBS Industries in New Jersey. Solyndra's technology uses a cylindrical form combined with lightweight, thin-film solar modules. The Solyndra solar panel installations are optimized for broad, flat commercial rooftops with lots of easily exploited surface area.
Gronet said that Solyndra's new "Fab 2" factory will come online in the fourth quarter of this year, said Gronet, and "By the fourth quarter of 2011, we expect our annualized production to exceed 300MW, enabling economies of scale that will substantially reduce our manufacturing costs."
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Solyndra, Inc., a California-based solar manufacturer which has been planning a well-publicized initial public offering (IPO), 
