STANDARD SOLAR FINDS $8.5 MIL PAULSON DIDN’T GET

Indicative of the resilience of the New Energy industries in this economy, Standard Solar, a major installer of residential and small business solar systems just announced a big infusion of capital.

There is widespread hope throughout the solar energy industry the recent extension of investment tax credits, for 8 years and to bigger players, will offset the tightening of financing and drive industry growth. (See ANOTHER UTILITY BUYING SOLAR and WALL STREET AND NEW ENERGY)

The news story offers few details to explain this big break for Standard Solar but does report the company was chosen to do a 205-kilowatt installation for the U.S. Department of Energy (DOE) headquarters in Washington, D.C., and the installation was made up of panels manufactured by solar energy industry giant and greybeard SunPower.

Moral: One way to stay strong in a weak economy is to associate with the biggest powerhouses in the room.

It also helps to have a good video spot. From StandardSolar via YouTube.

Standard Solar Raises $8.5 Million to Fund Expansion; Meet Growing Demand for Residential and Commercial Solar Energy Systems; Capital Infusion Comes Despite Turmoil in Financial Markets
October 9, 2008 (Market Wire via Yahoo Finance)

WHO
Standard Solar, Inc.; Truecast Capital, U.S. Department of Energy (DOE); SunPower Corporation

WHAT
Standard Solar, Inc., raised $8.5 million in a second round of financing handled by Truecast Capital. It will use the money to fund expansion and scale up ability to meet growing demand.

click to enlarge

WHEN
- June 2006: Standard Solar began operations.
- Start of 2008: Standard Solar employed 12.
- Summer 2008: Standard Solar completed the DOE headquarters installation.
- October 2008: Standard Solar employs 42 and will add senior management team soon.

WHERE
- Standard Solar is based in Maryland and serves the Mid-Atlantic region.
- Truecast Capital is based in Middleburg, Virginia.
- DOE headquarters is in Washington, DC.

WHY
- Standard Solar, Inc., is a turnkey provider of solar energy systems,
- Most of the money will be used to scale up marketing initiatives and capacity to meet anticipated growing demand for residential photovoltaic installations and small to mid-size commercial systems for businesses, schools, government agencies and other organizations.
- The funding will also expand financial, operational and customer service capabilities.
- Second-round financing through Truecast came from investments by private and institutional investors despite turmoil in financial markets.
- The DOE installation: 205-kilowatts (222,000 kilowatt-hours of electricity/year), 800+ high-efficiency SunPower solar panels, one of the biggest solar systems in the region.

SunPower has been in the solar business since 1985, made the solar panels for the miraculous solar-powered Pathfinder and for the biggest solar power plant in the U.S. at Nellis Air Force Base. (click to enlarge)

QUOTES
Anthony Clifford, President/CEO, Standard Solar: "We have fine-tuned our business strategy over the past several months and are poised to execute on it…This new funding could not have come at a better time. It allows us to take immediate advantage of the historic solar tax credit legislation just passed by Congress and signed into law by President Bush."