Solar Panel Recycling Startup SOLARCYCLE Raises $30 Million to Scale Capacity
Solar industry-focused recycling startup SOLARCYCLE announced today that it has raised $30 million, including equity and infrastructure financing, with proceeds aimed at scaling the company’s solar panel recycling capacity, and expanding its materials remanufacturing capabilities.
Founded last year “to create a more sustainable, domestic supply chain for the solar industry,” SOLARCYCLE has developed proprietary technology capable of extracting over 95% of the valuable materials in solar panels, including aluminum, glass, copper, silver, and silicon, for return into the panel supply chains, and to recycle or repurpose panels currently in use.
Suvi Sharma, SOLARCYCLE Co-Founder and CEO, said:
“When I co-founded SOLARCYCLE in 2022, I knew the moment was right to build an industry-backed advanced technology solution to recycling solar panels that ensures that valuable materials go back into the domestic supply chain.”
The company stated that it is on track to install capacity to recycle one million solar panels per year by the end of 2023, with plans in 2024 to open a recycling factory capable of processing millions of panels annually.
“This Series A funding will allow us to further advance our patented technology, grow partnerships with industry leaders, and rapidly build recycling infrastructure in the United States and beyond to mine old solar panels for making new solar panels.”
The financing round was led by venture investors Fifth Wall and HG Ventures, and also included participation from existing investors Urban Innovation Fund and Closed Loop Partners, and new investor Prologis Ventures.
Peter Gajdoš, Partner and Co-Head of The Climate Tech Investment Team at Fifth Wall, said:
“Fifth Wall looked far and wide, and we believe SOLARCYCLE is the only company within North America aiming to do true, end-to-end solar panel recycling. Their deep solar industry partnerships and ability to extract valuable materials at reasonable cost, with efficient logistics, is what differentiates the company’s position.”