CubicPV raises $103m to build solar wafer plant in the US

CubicPV has raised a $103 million equity investment to support the buildout of a 10GW solar wafer manufacturing plant in the US and advance the company’s perovskite cell research and development.

The investment is split into two tranches, with the first $33 million being released immediately. The remaining $70 million is tied to “specific project milestones,” CubicPV said. SCG Cleanergy led the investment with contributions from Hunt Energy Enterprises and Bill Gates’ Breakthrough Energy Ventures.

CubicPV announced plans in January to build a 10 GW silicon wafer plant in the US, a direct result of clean energy manufacturing incentives in the Inflation Reduction Act. At the time, the company said it expected to finalize site selection in Q1 2023, and begin construction soon after, though an announcement has yet to be made.

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The company said it has completed the conceptual design and scoping for the manufacturing facility and narrowed site selection to “two final possible locations.” Necessary capital to finance the development and construction has been secured, they added.

CubicPV is addressing a critical component of the solar value chain. Currently, no high-volume silicon wafer production exists in the US.

The planned facility is expected to create 1,500 new direct jobs with a goal of meeting the anticipated surge in demand for American-made wafers.

CubicPV also intends to accelerate research and development activities specific to its silicon perovskite tandem module development. The company raised $26 million in Series B financing from Synergy Capital and SCG Cleanergy, as well Bill Gates’ Breakthrough Energy Ventures and Hunt Energy Enterprises, to support the effort.

Perovskite refers to a crystalline structure, and has emerged in the last decade as a means to efficiently capture sunlight and convert it to electricity. Research into perovskite solar cells has been focused to a large degree on how to increase their stability.

Originally published on renewableenergyworld.com