$275 Million Federal Loan to be Given to Calisolar – Company to Create About 1,100 New Jobs

U.S. solar company Calisolar Inc received a conditional commitment for a $275 million federal loan guarantee to ramp up a silicon manufacturing facility in Ohio. The company will use the funds to commercialize a solar silicon manufacturing process that should produce silicon for use in solar cells at less than half the cost of traditional polysilicon purification processes. Silicon is the key raw material used in photovoltaic solar cells but material’s high cost is a major reason why solar power is more expensive than that from traditional sources. As a result of getting the loan, the company will create about 1,100 new permanent jobs.

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UPDATE 1-Calisolar snags $275 mln federal loan guarantee