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Sacramento Solar Company Hopes to Achieve Cost Parity With Nuclear, Coal

Wednesday, June 2nd 2010 2:00 PM
By GetSolar Staff.
Sacramento Solar Company Hopes to Achieve Cost Parity With Nuclear, Coal A solar panel company based in West Sacramento, California is developing a solar cell that could cut the cost of solar adoption by 75 percent.

As the Sacramento Business Journal reported last week, Bloo Solar - as the company is known - is attracting a lot of attention from venture capitalists and other investors. Bloo just completed a $2 million bridge financing agreement with a New York investment firm - and it plans to raise another $20 million later this year.

The company is growing quickly, too. The Journal notes that Bloo is planning to move to a space that's 10 times the size of its current office. It's hiring more people, as well - good news for those in California, a state with 12-percent-plus unemployment.

Bloo has unique solar-cell technology. Its cells can harness the sun's power at any angle and at any hour of the day, giving them a major advantage over traditional solar panels (which only work during the day). The company's ultimate goal, CEO Larry Bawden said, is to slash the cost of going solar by 75 percent, to 5 cents per kilowatt.

That's on par with nuclear and coal, Bawden noted.ADNFCR-3324-ID-19812196-ADNFCR

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