IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank (“Opus”) (NASDAQ: OPB) announced today that its Technology Banking division provided $25 million of senior debt financing to Solexel, Inc. (“Solexel”), a leading venture-backed manufacturer of high-performance, low-cost, lightweight, thin-crystalline-silicon solar modules for photovoltaic electricity generation. The financing provided by Opus will be used for the completion of its production facility in Milpitas, California and general corporate purposes.
Stephen H. Gordon, Chairman, Chief Executive Officer, and President of Opus Bank stated, “Solexel is a great company that manufactures reliable, highly efficient, and aesthetically appealing solar modules for electricity generation at substantially reduced costs. The capital funding Opus Bank provided to Solexel is directly in accordance with our recently announced $1 billion commitment to back those companies that drive sustainable economic and job growth in California.” Gordon concluded, “At Opus Bank, we’re passionate about financially backing entrepreneurs who are committed to driving business growth. We are confident that Solexel is one of those companies that shares our vision to expand and grow and has the potential to be a catalyst for job creation and economic development in California.”
Solexel’s high-performance, low-cost, photovoltaic products are based on a high-efficiency cell architecture and mono-crystalline silicon material, which optimizes sunlight capture and conversion efficiency. Solexel’s innovative solar modules use the least amount of expensive materials possible while providing industry-leading performance. Low material usage allows Solexel to manufacture solar modules at substantially reduced costs, putting solar-based electricity on the path to being cost competitive with traditional fossil fuel-based electricity generation sources.
Kevin McBride, Senior Managing Director and Head of Opus’ Technology Banking division, stated, "Solexel has developed differentiated photovoltaic technology that allows power generated by its solar arrays to be less expensive, without subsidies, than conventional electricity. Their product is aesthetically superior to conventional solar panels and a fraction of the weight, thereby allowing it to be deployed in areas and ways not previously receptive to solar.” McBride added, “The senior debt solution provided by Opus Bank is an example of Opus’ technology experience and capability to deliver needed financing to venture-backed companies in their growth stage. Opus is pleased to have the opportunity to become Solexel's lead commercial bank and to have joined such noted investors as Kleiner Perkins Caufield & Byers, Technology Partners, and The Westly Group in backing Solexel's success."
Mark Kerstens, Chief Sales & Marketing Officer and Acting CFO of Solexel commented, “It has been a pleasure working with Kevin McBride and his team at Opus Bank. They made an effort to understand Solexel’s specific needs, and together we developed a debt financing solution that addresses those needs. We look forward to a long-standing relationship with Opus Bank.”
Technology Banking at Opus Bank
Opus Bank’s Technology Banking division serves West Coast-based venture-backed, early stage, and public middle-market technology companies that focus on Intellectual Property (IP), software, hardware, and IT services. The Technology Banking division is led by Kevin McBride, Senior Managing Director, a seasoned Technology Banking veteran who has acted as the lead agent on transactions for a number of private and public companies, including Adobe Systems, Electronic Arts, Epicor Software, Kratos Defense and Security Systems, and Quantum Corporation.
About Solexel, Inc.
Solexel, a venture-backed solar cell and module manufacturer based in Milpitas, California, holds the world-record for the efficiency of a production-format thin-crystalline-silicon solar cell. Solexel’s solar modules include integrated smart electronics that enhance real-world performance by reducing the negative impact of shading, soiling and snow cover. The modules are also lightweight, enabling installation on weight-constrained residential and commercial rooftops, and reducing the cost of the balance-of-system, such as mounting or installation labor. Investors in Solexel include Kleiner Perkins Caufield & Byers, Technology Partners, DAG Ventures, Northgate Capital, GSV Capital Corp. (NASDAQ: GSVC), Gentry Venture Partners, and Jasper Ridge Partners.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial bank with over $4.7 billion of total assets, $3.7 billion of total loans, and $3.5 billion in total deposits as of September 30, 2014. Opus Bank provides high-value, relationship-based banking products, services, and solutions to its clients through its Retail Bank, Commercial Bank, Merchant Bank, and Correspondent Bank. Opus Bank offers a suite of treasury and cash management and depository solutions and a wide range of loan products, including commercial business, healthcare, technology, multifamily residential, commercial real estate, and structured finance, and is an SBA preferred lender. Opus Bank is an Equal Housing Lender. Opus Bank operates 58 banking offices, including two in the Phoenix metropolitan area of Arizona, 32 in California and 24 in the Seattle/Puget Sound region in Washington. For additional information about Opus Bank, please visit our website: www.opusbank.com. To learn more about how Opus Bank is backing businesses, please visit: www.opusbank.com/spotlight.
This press release contains “forward-looking statements.” These forward-looking statements include information, which is subject to change and subject to risks, uncertainties and assumptions. The forward-looking information presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “intend” or “expect” or variations thereon or similar terminology. All such statements speak only as of the date made, and Opus Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.