Solar wafer manufacturer CubicPV received firm equity commitments exceeding $100 million to support the company’s plans to establish a factory in the United States and advance its tandem product roadmap.

The funding will be divided into two tranches, with the initial tranche of $33 million being made available immediately. The release of the second tranche of investment will be tied to achieving specific project milestones.

The funding was led by SCG Cleanergy, along with contributions from Hunt Energy Enterprises and Breakthrough Energy Ventures.

CubicPV stated it is making steady progress in its ambitious plan to establish 10 GW of wafer production capacity within the United States, which aligns with the long-term industrial policy outlined in the Inflation Reduction Act.

The company claims to have completed the conceptual design and scope for the project, and it has narrowed the selection of potential site locations to two final options.

Additionally, CubicPV has engaged with a top-tier project management company and is finalizing the detailed design phase. The company is also on track to secure the necessary financing for the factory, having received indicative term sheets that exceed the required equity for the new facility.

“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,” said Frank van Mierlo, CEO, CubicPV. “We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap.”

Guggenheim Securities is acting as a financial advisor to Cubic for the transaction.

CubicPV appointed David Gustafson as the President of the new wafer facility to oversee the planning, design, ramp-up, and operation.

American Clean Power Association said that the utility-scale clean energy sector in the U.S. has received investments of over $150 billion since the Inflation Reduction Act was signed into law in August 2022.

Global VC funding for the solar sector in Q1 2023 came to $2.1 billion in 18 deals, a 40% increase compared to $1.5 billion raised in 18 deals in Q4 2022. Year-over-year funding was 75% higher compared to Q1 2022.