US based solar wafer technology company CubicPV has secured new financial commitments of $103 million that helps it move forward on its plans to build a 10 GW wafer fab and further its tandem product roadmap. The money comes from its existing shareholders SCG Cleanergy, Hunt Energy Enterprises and Breakthrough Energy Ventures (BEV).
Having emerged due to a merger between direct wafer tech company 1366 Technologies and printed perovskite maker Hunt Perovskite Technologies, CubicPV plans to set up a mono wafer manufacturing plant in the US at an undisclosed location.
Management says it has completed conceptual design and scoping for the project and is to decide between 2 possible locations to host the factory. It does add that the company is on track with financing required and has received indicative term sheets 'exceeding the required total equity for the new factory' attributing the progress to the industrial policy of the Inflation Reduction Act (IRA).
Investors for the latest round will release $33 million immediately, and follow up with the 2nd tranche on meeting specific project milestones. The new wafer fab will be led by David Gustafson as its president (see Manufacturing Veteran To Lead US Wafer Fab).
In December 2022, the company raised $26 million through the above mentioned investors and Synergy Capital when it said the fab is planned to be fully ramped up in 2025 (see IRA Impact: 10 GW Mono Wafer Production Capacity In US).