SUN WHEELa technology-driven recycling company focused on producing sustainable materials at scale for the solar industry has raised $30 million in Series A funding, bringing the company’s total funding to $37 million since it was founded a year ago.
The funds will be used to scale the growth of the company’s solar panel recycling capacity and expand the remanufacturing capacity of materials. The tour was led by the asset manager Fifth Wall and The Heritage Group’s business venture department HG Ventures.
Prologis Ventures and current investors Urban Innovation Fund and Closed Loop Partners also participated in the round. The announcement follows an initial seed round of $6.6 million raised in May 2022. The infrastructure financing, led by Fifth Wall Infrastructure and Special Situations Partner Alok Sindher, will provide asset-level equity to SOLARCYCLE in Odessa, Texas.
Solar deployment is expected to accelerate this decade, growing from 150 GW in 2021 to 650 GW installed per year in 2030. SOLARCYCLE has developed proprietary technology that can cost-effectively recover over 95% of all valuable materials such as aluminum, glass, copper, silver and silicon, back to the solar energy value chain.
“This Series A funding will allow us to further develop our proprietary technology, grow partnerships with industry leaders, and rapidly build recycling infrastructure in the US and beyond to mine old solar panels to make new solar panels,” said CEO Suvi Sharma. Founder of SOLARCYCLE.