Today, CubicPV (“Cubic”) welcomes SCG Cleanergy, a wholly-owned subsidiary of SCG, ASEAN’s leading conglomerate, to our roster of strategic investors. SCG Cleanergy leads a $9M Series B round for Cubic, with participation from existing investors. The additional funding is in support of our manufacturing strategy which continues to make progress based on the immediate practicality of the Direct Wafer technology to the India market and the appeal of our high efficiency tandem roadmap. Our new investor’s deep understanding of manufacturing, as well as its global reach, will benefit our scaling plan.
“One of our goals at SCG Cleanergy is to drive commercialization of new technologies and we’re excited to join the CubicPV team as it looks to construct, commission and operate a Direct Wafer cell factory in India,” said Tim McCaffery, Global Business Director, SCG. “In addition to the value it brings to India’s domestic solar manufacturing ecosystem, the Direct Wafer technology is also vital to realizing tandem solar, which will have a powerful role in our clean energy future.”
The addition of SCG Cleanergy arrives as we ready to construct a 2GW Direct Wafer cell factory in India, which has already received strong commercial traction. Earlier this year, we announced a multi-year supply agreement with India’s leading module manufacturer, Waaree, in which Cubic will supply, per annum, 1GW of Direct Wafer cells. Because of the superior cost advantage afforded by the Direct Wafer manufacturing process, Waaree can expect to capture robust industry growth by delivering the lowest levelized cost of electricity (LCOE) to the Indian utility-scale market.
We’ve also spent the first half of 2022 expanding the team. In 2021, we appointed Peter van Mierlo, former CEO of PwC Netherlands and the Dutch Entrepreneurial Development Bank, to the position of CFO. Peter brings a wealth of public company knowledge, as well as international capital financing and corporate governance experience, that is invaluable as we ready for commercial scale and anticipate future growth. This week, he attended the Tamil Nadu Investors Conclave and confirmed our in-country manufacturing plans. Tamil Nadu is a highly attractive business and investment destination, and we appreciate the support from the State.
The future of solar is taking shape and, with its superior economics, our technology package is a catalyst.