After over a year (yes over 1 year!!!) of working with Mitsui Principal Investment, a Private Equity firm from Japan to complete due diligence, I’m elated to announce that we have finally closed our Series E financing! This financing infuses new capital and support into Sopogy thus enabling us to grow. Participating in this round included SunEdison, Sempra Energy, 3M and others. In total, the Series E is a $21 million financing.
The due diligence process was the most challenging our team has ever faced. In this process we completed a KPMG accounting review, Q&E technology and project review, intellectual property review, +80 due diligence calls, 7-face to face meetings in California, Hawaii and Tokyo, 5-customer interviews, on-site review of our China manufacturing plant, extensive review of the Kona demonstration plant and our technologies in operation at “Holaniku” and a supply chain review.
Under the terms of this financing, our board changes significantly and I want to extend my utmost gratitude to Mike May, Eric Martinson and Rose Tseng. You have been amazingly supportive of our business and excellent mentors and guides for me personally.
The new investors want to see us expand our corporate presence in California and bringing on new project management resources to help professionalize our supply chain. Our entire leadership team must also move to California.
Sopogy is at an exciting point today. We have massive projects in Thailand and the Philippines. We are expanding our relationship with Hitachi and building a relationship with Toshiba and Anheuser Busch.
The investors share a vision to grow the company and give us new resources. I believe we are all excited to make Sopogy stronger and continue our growth and leadership in concentrating solar power.
Here’s our press release: http://sopogy.com/blog/2012/11/26/sopogy-inc-announces-close-of-series-e-funding-led-by-mitsui-co-ltd/