The North American module manufacturer announced a second investment round from ARC Financial Corp.
Silfab Solar, a North American solar module manufacturer with locations in Washington state and Toronto, Canada, announced a new round of financing led by ARC Financial Corp. The $125 million investment is expected to help Silfab expand its facilities and launch a third cell and module. manufacturing in USA.
Silfab’s third facility, a 1 GW cell production facility and 1.2 GW module assembly plant, is expected to be completed in 2024. The plant is expected to create more than 800 jobs in the United States. More detailed information about the location of the office will be shared later.
Cell production capacity addresses a critical constraint in the solar module value chain in U.S.-based solar manufacturing.
“Silfab has grown by more than 40 percent since ARC’s initial support,” said Silfab CEO Paolo Maccario. “Our growth means more solar jobs in America and reliable energy that customers use to reduce both their costs and their carbon footprint.”
The funding round was led by ARC’s Fund 9, with participation from Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice. The investment is a demonstration of ARC’s “continued confidence” in Silfab’s 40 years of experience in the solar industry.
“Silfab is ideally positioned to meet North America’s growing desire for domestically manufactured high-end solar products. ARC remains confident that Silfab will be a driver of clean technology manufacturing and US product innovation,” said Brian Boulanger, CEO of ARC.
ARCs the first investment in the company, held in September 2021, totaled $100 million. It allowed Silfab to expand its existing Washington manufacturing facility and make improvements to its production lines.
In February, Silfab announced a new series of solar modules with innovative conductive backing plates. The Elite series includes the Elite 410 BG, a patented x-pattern module that combines an integrated cell structure with a conductive backplate for increased efficiency and power.
The module offers 410 W, a module efficiency of 21.4% and a maximum system voltage of 1000 Vdc.
“With its sleek all-black exterior, the Elite offers the aesthetic that homeowners are looking for,” said Maccario, CEO of Silfab.
Maccario said the modules are the result of the company’s 40 years of technological and engineering experience. “Elite is putting American solar products back on top,” he said.
Each Silfab production facility has several automated ISO 9001-2015 quality certified production lines. The company manufactures just-in-time to deliver Buy America-approved PV modules designed for the North American market.