June 14, 2023 Funding
As famous on this piece from CEA in our Q2 2023 difficulty, U.S. solar module manufacturing is hampered by a scarcity of home element provide. U.S. solar cell amenities are slowly coming on-line, however ingot and wafers (which turn into solar cells) are mainly nonexistent. CubicPV is looking for to vary that, with plans to construct a ten GW solar wafer facility together with tandem solar R&D.
The imaginative and prescient has satisfied first-stage traders — CubicPV management introduced agency fairness commitments in extra of $100 million in assist of its U.S. manufacturing facility plans and tandem product roadmap.
“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’s embrace of solar powered electricity generation. We continued to be impressed with the strength of the team, their progress against plan and their commitment to manufacturing and innovation excellence,” mentioned Tim McCaffery, Global Investment Director, SCG.
The funding shall be break up into two tranches, with the primary $33M launched instantly. The second tranche funding is tied to particular challenge milestones. Cubic’s sturdy shareholder base, led by SCG Cleanergy (an entirely owned subsidiary of SCG) with contributions from Hunt Energy Enterprises and Breakthrough Energy Ventures, dedicated the capital to additional speed up the Company’s development technique.
“Today’s announcement underscores the considerable progress we’ve made, the depth of our engineering competence and the strength of our technologies to deliver a more powerful solar future,” mentioned Frank van Mierlo, CEO, CubicPV. “We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap.”
Current standing | CubicPV has accomplished its conceptual design and scoping for the challenge, narrowed its website choice determination to 2 closing potential places, engaged with an industry-leading challenge administration firm, and is within the strategy of finishing the detailed design.
The firm additionally stays on monitor with respect to financing the manufacturing facility and has acquired indicative time period sheets exceeding the required complete fairness for the brand new manufacturing facility.
Cubic additionally introduced that it has appointed David Gustafson as President of the brand new wafer facility. In this position, Dave will lead the planning, design, ramp, and operation of Cubic’s manufacturing facility. He brings in depth manufacturing management and engineering expertise, most not too long ago main the manufacturing capabilities for five,000 folks, throughout seven states and eight U.S. factories for a Fortune 500 firm. Dave acquired his Bachelor of Science from the Massachusetts Institute of Technology and his Master of Science diploma from Vanderbilt University. He additionally served within the United States Navy Civil Engineer Corps as Company Commander for Navy Mobile Construction Battalion 74.
“We conducted an exhaustive search for the right candidate to help us construct, ramp, and operate the factory with precision and speed. Dave’s wealth of experience in manufacturing and construction is a tremendous asset to Cubic, and we are delighted to add him to the team,” mentioned van Mierlo.
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