SAN JOSE, Calif.--(BUSINESS WIRE)--SolFocus, Inc, one of the leading manufacturers of Concentrator Photovoltaic (CPV) systems, announced today that the company 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.
SolFocus is a pioneer in the CPV industry which today is expanding rapidly. Lux Research is forecasting growth of the industry segment of 31% through 2017, a rate that is 25 percent higher than the overall PV market. Other firms are forecasting even higher growth rates.
In the past 24 months SolFocus has deployed over 15 megawatts of CPV systems in 13 countries globally. The company has achieved quarter-to-quarter growth over the past six (6) quarters, and has demonstrated strong market traction with a pipeline of projects being advanced by its development partners. The company has had projects banked by leading financial institutions, and has an outsourced manufacturing model which dramatically reduces the capital required for operations and expansion.
SolFocus is a privately held company which has grown through private investments with lead investors including New Enterprise Associates and NGEN Partners. The company has not received any significant 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.
For information the company can be contacted at 408-792-6122.