Solar manufacturer CubicPV announced that it has secured $103 million in equity financing, with proceeds aimed at supporting its U.S. factory plans and tandem product roadmap.
CubicPV is a U.S.-based wafer producer, aimed at providing optimal solar solutions. The company’s solutions include Direct Wafer technology, which enable low cost production of tandem modules, which are made by stacking two solar cells utilizing different semiconductor materials, to offer more than 30% greater efficiency than conventional models.
The financing follows CubicPV’s announcement in December 2022 of plans to establish 10 GW of conventional mono wafer capacity in the U.S., which the company said was catalyzed by the U.S. Inflation Reduction Act (IRA). The IRA, signed into law by President Biden last year, includes the U.S.’ largest ever set of climate-focused investments, allocating nearly $370 billion to areas including renewable energy and industrial decarbonization solutions, including over $60 billion to accelerate domestic manufacturing of clean energy and transportation technologies through production and investment tax credits, loans and grants.
CubicPV said that since announcing its plans, it has completed the project’s conceptual design and scoping, narrowed its site selection to two possible locations, engaged with a project management company, and is in the process of completing the detailed design.
Frank van Mierlo, CEO, CubicPV, said:
“Today’s announcement underscores the considerable progress we’ve made, the depth of our engineering competence and the strength of our technologies to deliver a more powerful solar future.”
The new financing is split into two tranches, with $35 million released immediately, and the remaining funding tied to project milestones. The financing was led by SCG Cleanergy, and included participation from Hunt Energy Enterprises and Breakthrough Energy Ventures.
Tim McCaffery, Global Investment Director, SCG, said:
“With its deep experience in silicon wafer production and ownership of highly innovative proprietary technologies, Cubic is ideally positioned to play a key role in the world’s embrace of solar powered electricity generation. We continued to be impressed with the strength of the team, their progress against plan and their commitment to manufacturing and innovation excellence.”