PowerFilm, Inc. (PFLM.L), which designs and manufactures thin-film solar panels, has raised £7.9 million ($15.6 million) to expand production capacity from the current 1MW to 10MW by 2009.
The company, which went public in 2006, expects market demand to exceed production capacity, even after this expansion. It next expansion plans call for 24MW by 2010.
Mike Coon, COO and CFO of PowerFilm, said, "This financing will enable us to take on more and larger orders and will take full advantage of the in house skills we have now established for construction and installation of new machinery, maximising returns for our shareholders".
