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.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.