At a time of stiff competition in the solar sector, Opel Technologies, a supplier of high Concentration Photovoltaic (CPV) panels, has secured a $5 million financing from Silicon Valley Bank. This latest funding comes on top of a $10 million credit line arranged last September by Kodiak Capital.
Opel says SVB’s $5 million credit line will support day – to – day operations. Back in September, the company said a portion of Kodiak’s $10 million equity line would support for research and development and marketing.
For Opel the liquidity boost comes at a time of stiff competition in the solar sector. Recent data shows that conventional PV modules are priced at around $2.49 a watt, down from $3.51 just a year ago. While CPV panels can capture much more solar energy their production costs are higher than PV panels. Despite their lower efficiency rates the ongoing falling prices of PV panels is a real hurdle for commercial-ready CPV companies.
CPV’s overall global deployment remains modest. To date global installed capacity reached 28 megawatts, according to GTM Research.