IRA Impact: 10 GW Mono Wafer Production Capacity In US

• CubicPV has announced plans to establish a 10 GW conventional mono wafer manufacturing capacity in the US
• Construction is expected to begin in 2024 on a site to be announced in Q1/2023 with full ramp up in 2025
• It will also accelerate R&D activities for direct wafer and perovskite tandem solar modules to cater to growing demand in the future

Solar technology company CubicPV in the US says it will set up a 10 GW conventional mono wafer manufacturing capacity in the US to fill in the gap for high-volume silicon wafer production in the country and also work on tandem module development, with the Inflation Reduction Act (IRA) acting as a catalyst behind the decision.

The company is currently in the process of site selection which should be finalized in Q1/2023. It is right now designing the facility and in talks with a construction management firm. As per current plans, construction is expected to complete in 2024 and the fab fully ramped up in 2025.

The planned mono wafer fab is expected to generate 1,500 new direct jobs and cater to anticipated surge in demand for home-grown wafers for solar PV modules.

In addition, it will also accelerate its R&D activities in the space of tandem module technology, using CubicPV's own direct wafer and perovskite technologies for a high efficiency, 'economically superior' product.

CubicPV has deep experience in the space thanks to its origins as a merger between direct wafer technology company 1366 Technologies and printed perovskite manufacturer Hunt Perovskite Technologies (see US Direct Wafer & Perovskite Producers Merge: CubicPV).

"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.

To support its production plans, CubicPV has raised $26 million in Series B financing round led by private equity fund manager Synergy Capital and SCG Cleanergy, along with existing investors Breakthrough Energy Ventures and Hunt Energy Enterprises pitching in.

Synergy Capital 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 Managing Partner, Synergy Capital, Sudhir Maheshwari.