SoloPower defaults on $10M state loan

SoloPower defaults on $10M state loan

SoloPower defaulted on a $10 million state loan, state officials say.

Chief executive Robert Campbell said major creditors have agreed to terms that focus on rebuilding the organization in Portland, where the company originally planned to build a $340 million factory and employ hundreds.

Those plans derailed earlier this year, shortly after the company built out its first manufacturing line. SoloPower has shed most of its workforce in recent months, struggling to start up in a market flooded with cheap panels manufactured in China.