Catalyzed by the Inflation Reduction Act (IRA), Cubic Intends to Build 10 GW of Conventional Wafer Capacity, Filling Void in the Domestic Silicon Solar Value Chain
Cubic Attracts New Investors, Synergy Capital and SCG Cleanergy, in Support of Its
Silicon Perovskite Tandem Module Development
Bedford, MA – December 15, 2022 – Solar manufacturing innovator, CubicPV (“Cubic” or the “Company”), today 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.
“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 US manufacturing renaissance, while accelerating our business plan and supporting the development of our next generation tandem module technology,” said Frank van Mierlo, CEO, Cubic.
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.
To date, the solar industry has primarily depended on single junction PV technology or the use of only one light absorbing material, often silicon, to convert sunlight to electricity. This technology is approaching a module efficiency ceiling. Tandem technology introduces a much-needed solution in that it layers two light absorbers into one device, thereby breaking the efficiency barrier of single junction devices and boosting the power output of the end panel. Cubic’s approach to tandem uses the Company’s groundbreaking Direct Wafer and perovskite technologies to create an economically superior, high-efficiency module.
“Synergy is convinced of the power of tandem and its promise to underpin the next era of solar growth. With Direct Wafer and perovskite, Cubic has the key technologies to capture that growth. We are excited to lend our support as the Company establishes its U.S. footprint and drives toward tandem commercialization,” said Sudhir Maheshwari, Managing Partner, Synergy Capital.
“SCG Cleanergy is committed to investing in the next generation of innovative clean energy companies and Cubic’s tandem modules will play a powerful role in our clean energy future,” said Tim McCaffery, Global Investment Director, SCG. “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.”
About CubicPV Inc.
With its world-class knowledge of silicon crystallization and manufacturing, CubicPV is the most experienced wafer producer in North America. The Company’s innovations in solar manufacturing and materials are also creating a solar future defined by more powerful tandem solar modules. CubicPV’s core silicon and perovskite technologies provide the ideal semiconductor combination for high-efficiency tandem modules and lead to dramatic reductions in the cost of clean electricity with lower embedded carbon. The Company has offices in Bedford, Ma., and Dallas. For more information, please visit www.cubicpv.com.
About Synergy Capital
Synergy Capital is a specialized private equity manager investing across the capital structure in the Industrial, Metals and Infrastructure sectors globally. Synergy Capital focuses on critical sectors that generate strong human and economic impact, which are central to enabling the net-zero transition and the development of resilient and sustainable supply chains. For more information, please visit www.synergycapital.co.uk.
About SCG Cleanergy
SCG Cleanergy Company, a wholly owned subsidiary of SCG, was established to provide power solutions from renewable energy including solar and wind energy in Thailand and the ASEAN region and beyond.