From pv magazine Global
US-based CubicPV has secured new firm equity commitments in excess of $100 million dollars to support its US factory plans and tandem solar product roadmap.
The first $33 million will be released immediately. The second tranche investment is tied to specific project milestones. The capital was committed by shareholders, led by SCG Cleanergy (a wholly owned subsidiary of SCG) with contributions from Hunt Energy Enterprises and Breakthrough Energy Ventures, a set of investment funds founded by Bill Gates.
“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,” said Tim McCaffery, global investment director of SCG. “We continued to be impressed with the strength of the team, their progress against plan and their commitment to manufacturing and innovation excellence.”
Late last year, CubicPV announced plans to establish 10 GW of conventional mono wafer capacity in the United States. Driven by incentives in the US Inflation Reduction Act, the wafers produced by the new facility could fill a void in the domestic supply chain as well as create 1,500 new direct jobs.
CubicPV said it continues to make progress in its plan to build U.S. wafer manufacturing capacity, having completed its conceptual design and scoping for the project. The company narrowed its site selection decision to two final possible locations, and engaged with an industry-leading project management company. It also indicated that financing is on track, having received term sheets that indicate that it will exceed the required total equity for the new factory.
“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,” said Frank van Mierlo, chief executive officer of CubicPV. “We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap.
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