SolFocus restructures, hoping to sell
As part of its restructuring, SolFocus has reduced its workforce to a core group who will take the company forward toward this goal
SolFocus Inc., a manufacturer of concentrator photovoltaic (CPV) systems, has restructured its operations in line with an effort to sell the company over the next few months.
As part of its restructuring, the company has reduced its workforce to a core group who will take the company forward toward this goal.
Lux Research is forecasting growth of the CPV industry of 31 percent through 2017, a rate that is 25 percent higher than the overall PV market.
In the past 24 months SolFocus has deployed over 15 MW of solar energy systems in 13 countries globally. The company has achieved quarter-to-quarter growth over the past six quarters, and has demonstrated market traction with a pipeline of renewable energy projects being advanced by its development partners.
SolFocus is a privately held company that has grown through private investments with lead investors including New Enterprise Associates and NGEN Partners. The company has not received any funding from federal tax credits, grants or other taxpayer funds.
During this period of restructuring, SolFocus will continue to support its existing customers, and focus all other efforts on finding a buyer for the company.