Entech Solar, a manufacturer of concentrating solar power (CSP) modules, has entered into a $5 million preferred stock agreement with Socius Capital Group. Under the deal, which is rife with conditions, Socius will buy up to $5 million of preferred stocks from Entech over time at the company’s discretion. 
More important than the details of the agreement, however, is the acquisition of funding by Entech to build its unique brand of solar power products.
Entech Solar’s ThermaVolt line of products utilize solar thermal energy to create both electricity and heat. These dual abilities, the company claims, make ThermaVolt products 4 to 5 times more powerful than a standalone PV module. “At Entech Solar, we are designing and developing a new generation of concentrating solar modules that have the potential to be truly disruptive in the concentrating solar space,” asserted Entech CEO David Gelbaum, adding that the result would be higher efficiencies, reduced costs, smaller size and additional applications for CSP technology.
The Socius financing is critical for Gelbaum and Entech Solar because it allows them to move forward with the development and commercialization of their products with confidence. “The flexibility of this committed financing will improve the company’s ability to achieve critical milestones as we progress through product development,” Gelbaum added.
Entech Solar also manufactures solely electricity-producing products under its SolarVolt line, as well as a tubular skylight for daylighting purposes, aptly named the Entech Tubular Skylight.
For more information on the preferred stock agreement with Socius Capital Group, see MarketWatch.
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