CubicPV, a solar manufacturing innovator, has recently announced that it has successfully secured new firm equity commitments totalling more than $100 million. These funds will play a crucial role in supporting the company’s plans for establishing a U.S. factory and advancing its tandem product roadmap. The investment will be split into two tranches, with an initial release of $33 million, while the second tranche will be tied to specific project milestones.
CubicPV has a strong shareholder base, led by SCG Cleanergy, a wholly owned subsidiary of SCG, along with contributions from Hunt Energy Enterprises and Breakthrough Energy Ventures. This group of investors has shown great confidence in CubicPV’s capabilities to meet the anticipated demand for U.S.-produced wafers and lead the market transformation towards tandem module technology. The investment will enable CubicPV to accelerate its growth strategy and further solidify its position in the industry.
The company has been making steady progress towards its ambitious goal of building 10 gigawatts of wafer production capacity in the United States. This objective aligns with the long-term industrial policy outlined in the Inflation Reduction Act. CubicPV has already completed the conceptual design and scoping for the project and has narrowed down the site selection to two final possible locations. Additionally, the company has engaged an industry-leading project management company and is currently finalizing the detailed design.
Notably, CubicPV remains on track regarding the financing of the factory, as it has already received indicative term sheets that exceed the required total equity for the new facility. This achievement demonstrates the company’s financial strength and its ability to attract substantial investments from reputable sources.
In another significant development, CubicPV has announced the appointment of David Gustafson as the President of the new wafer facility. In this crucial role, Gustafson will oversee the planning, design, ramp-up, and operation of CubicPV’s factory. With extensive manufacturing leadership and engineering experience, including leading manufacturing functions for a Fortune 500 company across multiple states and factories, Gustafson brings valuable expertise to drive the success of CubicPV’s operations. He holds a Bachelor of Science degree from the Massachusetts Institute of Technology and a Master of Science degree from Vanderbilt University. Gustafson also served in the United States Navy Civil Engineer Corps as Company Commander for Navy Mobile Construction Battalion 74.
Overall, with substantial equity commitments and the appointment of an experienced President, CubicPV is well-positioned to advance its plans for U.S. wafer production and contribute to the wider adoption of solar-powered electricity generation worldwide. The company’s progress, commitment to excellence in manufacturing and innovation, and continuous support from investors have reinforced its strong market position and potential for future growth.