Solar manufacturing innovator, CubicPV, announced it plans to establish 10 GW of conventional mono wafer capacity in the United States, filling a marked void in the silicon solar value chain and capitalizing on its deep expertise in silicon wafer production. The planned facility, the first of this scale to be announced in the United States, is expected to create 1,500 new direct jobs and meet the anticipated surge in demand for U.S.-produced wafers. Today, there is no high-volume silicon wafer production in the United States, and Cubic is the only U.S. company with a core competency in wafer manufacturing.
“We are impressed with the strength of the Cubic team, the progress of their technologies, and their commitment to innovation. We look forward to supporting the Company through this exciting next phase.”
“The IRA represents a titanic shift in the global solar landscape, and the U.S. is poised to become the world’s most competitive location to manufacture solar. We’re excited to have a role in the U.S. manufacturing renaissance while accelerating our business plan and supporting the development of our next generation tandem module technology,” said Frank van Mierlo, CEO, Cubic.
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Cubic has started facility design, engaged with a construction management firm, and is currently in advanced discussions specific to the location for the facility. The Company expects to finalize the site choice during the first quarter of 2023, beginning construction soon after. Construction is anticipated to be completed in 2024 and the factory to be fully ramped in 2025.
In addition to answering a pronounced need for U.S. wafer production with the 10 GW factory, Cubic will also accelerate its R&D activities specific to tandem module development. To this end, the Company announced it has raised $26M in Series B financing. Private equity fund manager Synergy Capital and SCG Cleanergy, a wholly owned subsidiary of SCG, ASEAN’s leading conglomerate, led the round and were joined by return lead investors including Breakthrough Energy Ventures and Hunt Energy Enterprises.
SOURCE: Businesswire