Solyndra Raises $219.2M

Solyndra, the company that brought you the cylindrical solar panel coated with copper indium gallium and selenide (CIGS), has raised $219.2 million, according to an SEC filing reviewed by Private Equity Week.

The money came from 23 investors including CMEA Ventures and Redpoint Ventures. The funds consist of $96.6 million in working capital and $122.2 million for the “conversion of convertible promissory notes into Series E preferred stock.”

Back in October, Solyndra finally emerged from stealth mode. The company showed off its novel solar cells and said that it had raised $600 million since 2005.

Is the $219.2 million part of that total $600 million, or is it new, additional money? Hard to say. Solyndra has been seeking to raise $350 million via convertible promissory notes since the middle of summer. Goldman Sachs had been shopping the deal, but several VCs passed on it, they told me. (Read more about that offering here.) Some said that large solar deals were already too expensive and doubts lingered about the company’s technology. CIGS solar cells are difficult to make period, and making cylindrical ones that require an additional reflective surface like Solyndra’s do adds a layer of complexity.

When Solyndra came out of stealth mode, sources said that Solyndra was still shopping for that extra $350 million. CEO Chris Gronet also said that at that time that the company was still looking for more money.

Additionally, Solyndra does have something that a lot of solar companies don’t have. Namely, contracts with signed customers. So far, it has signed contracts to ship $1.2 billion worth of panels between now and 2012. And Solyndra does say it is shipping panels.

Nonetheless, credit is even harder to get than it was a few months ago. And I haven’t reviewed the paperwork.

Still, on balance, circumstantial evidence seems to indicate that this could be new, additional money. The company admits it has been looking for money, after all, and it has signed sales contracts. If you’re going to put money in a startup, it might as well be with someone who already has customers.