CubicPV says it plans to establish 10 GW of conventional monowafer manufacturing capacity in the US thanks to incentives under the US Inflation Reduction Act. The discs could fill the gap in the domestic supply chain and create 1,500 new direct jobs.
US-based CubicPV has raised more than $100 million in new committed capital commitments to support its US plant plans and tandem solar product plan.
The first $33 million will be released immediately. The second investment tranche is tied to certain project milestones. The capital was committed by shareholders led by SCG Cleanergy (a wholly owned subsidiary of SCG) with participation from Hunt Energy Enterprises and Breakthrough Energy Ventures, an investment fund 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 of solar power generation,” said Tim McCaffery, SCG’s global chief investment officer. “We continued to be impressed by the strength of the team, its progress against plan and their commitment to manufacturing and innovation excellence.”
Late last year, CubicPV announced plans to establish 10 GW of conventional monodisc capacity in the United States. The wafers produced by the new factory could fill a gap in the domestic supply chain and create 1,500 new direct jobs thanks to incentives under the US Inflation Act.
CubicPV said it will continue to advance its plan to build U.S. wafer manufacturing capacity after finalizing the project’s conceptual design and scope. The company narrowed down its location selection decision to two final possible locations and contacted the industry’s leading project management company. It also indicated that the financing is on track after securing terms that will exceed the total amount of equity required for the new plant.
“Today’s announcement highlights the significant progress we’ve made, the depth of our engineering expertise and the strength of our technology to deliver a more efficient solar future,” said Frank van Mierlo, CEO of CubicPV. “We thank SCG Cleanergy for their confidence in our manufacturing goals and product plan.