CubicPV to build Silicon Solar Wafer facility in the US
Solar manufacturing innovator, CubicPV plans to establish 10GW of conventional mono wafer capacity in the United States. The planned facility is expected to create 1,500 new direct jobs and meet the anticipated surge in demand for U.S.-produced wafers.
“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 U.S. manufacturing renaissance while accelerating our business plan and supporting the development of our next generation tandem module technology,” said Frank van Mierlo, CEO, Cubic, in a press release.
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 finalise 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 USD 26 million in Series B financing. Private equity fund manager Synergy Capital and SCG Cleanergy, a wholly owned subsidiary of SCG, 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 Direct Wafer and perovskite technologies to create an economically high-efficiency module, the press release continues.