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CubicPV secures $103 million of support for US wafer manufacturing – pv magazine International

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CubicPV says it plans to ascertain 10 GW of standard mono wafer manufacturing capability in the US, pushed by the incentives of the US Inflation Discount Act. The wafers may fill a void within the home provide chain and create 1,500 new direct jobs.

From pv journal USA

US-based CubicPV has secured new agency fairness commitments of over $100 million {dollars} to assist its US manufacturing plans and tandem photo voltaic product roadmap.

The primary $33 million shall be launched instantly. The second tranche funding is tied to particular venture milestones. The capital is made by shareholders, led by SCG Cleanergy (a completely owned subsidiary of SCG) with contributions from Hunt Power Enterprises and Breakthrough Power Ventures, a bunch of funding funds that based by Invoice Gates.

“With deep expertise in silicon wafer manufacturing and possession of cutting-edge proprietary applied sciences, Cubic is properly positioned to play a key function on the earth’s embrace of solar-powered energy era, ” stated Tim McCaffery, SCG’s world funding director. “We proceed to be impressed by the tenacity of the workforce, their progress towards plan and their dedication to innovation and excellence.”

Late final 12 months, CubicPV introduced plans to construct 10 GW of standard mono wafer capability in the US. Because of US Inflation Discount Act incentives, the wafers produced on the new facility may fill a void within the home provide chain in addition to create 1,500 new direct jobs.

CubicPV stated it’s persevering with to advance its plan to construct wafer manufacturing capability within the US, after finishing conceptual design and scoping for the venture. The corporate narrowed the positioning choice determination down to 2 last attainable places, and engaged an industry-leading venture administration firm. It additionally indicated that financing is on monitor, receiving time period sheets that point out it can exceed the required whole fairness for the brand new manufacturing unit.

“In the present day’s announcement highlights the large progress we have made, the depth of our engineering experience and the power of our applied sciences to ship a extra highly effective photo voltaic future,” stated Frank van Mierlo, chief govt officer of CubicPV. “We thank SCG Cleanergy for his or her belief in our objectives and product roadmap.

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