Jun. 12, 2013 - While much of the solar energy industry is struggling, El Dorado Hills' Bloo Solar Inc. just raised another $6.84 million from investors.
The company's business is "going extremely well," Chief Executive Larry Bawden said Tuesday.
The new round of financing was disclosed in a Securities and Exchange Commission filing Monday. The funds were raised from a mix of current and new investors, Bawden said.
He said the money will be used to continue Bloo Solar's pre-production work.
The solar industry has been slumping in the past year or so, due largely to a glut of solar panels manufactured in China.
Two publicly traded Sacramento-area companies – Roseville's Solar Power Inc. and Premier Power Renewable Energy Inc. of El Dorado Hills – warned investors recently that they are in danger of folding because of cash shortages.
Bloo Solar, by contrast, operates in a specialty field. The company is developing the next generation of solar technology, aimed at slashing the cost of electricity produced by the sun.