CubicPV provides update on U.S. wafer manufacturing plans

CubicPV today announced that it has made more than $100 million in new firm commitments in support of its US plant plans and tandem product roadmap. The investment will be divided into two tranches, and the first $33 million will be released immediately. The contribution of the second tranche is linked to specific phases of the project. CubicPV’s strong shareholder base, led by SCG Cleanergy with investments from Hunt Energy Enterprises and Breakthrough Energy Ventures, has committed capital to further accelerate the company’s growth strategy.

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The investment announced today reflects significant investor confidence in CubicPV’s ability to meet anticipated demand for US-manufactured wafers and lead the market transformation to tandem module technology. The company continues to make steady progress toward its plan to build 10 GW of wafer manufacturing in the US, a direct result of long-term industrial policies included in the Deinflation Act. The company has completed its conceptual design and project scoping, narrowed its site selection decision down to two final potential locations, partnered with an industry-leading project management firm, and is nearing completion of detailed design. CubicPV also remains on track to finance the plant and has received indicative term sheets exceeding the total capital required for the new plant.

“With its deep expertise in silicon wafer manufacturing and its highly innovative proprietary technologies, Cubic is ideally positioned to play a key role in the global solar power industry. We continue to be impressed by the team’s strength, progress against plan and their commitment to manufacturing excellence and innovation,” said Tim McCaffery, Director of Global Investments at SCG.

“Today’s announcement highlights the significant progress we’ve made, the depth of our engineering competence and the power of our technologies to deliver a more powerful solar future,” said Frank van Meerlo, CEO of CubicPV. “We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap.”

CubicPV also announced that it has appointed David Gustafsson as president of the new wafer facility. In this role, Dave will lead the planning, design, ramp-up and operation of CubicPV’s plant. He brings extensive manufacturing leadership and engineering experience, most recently managing manufacturing functions for 5,000 people in seven states and eight US plants for Bridgestone.

“We conducted an exhaustive search for the right candidate to help us build, ramp and operate the plant with precision and speed. Dave’s wealth of experience in manufacturing and construction is a huge asset to Cubic and we are delighted to add him to the team,” said van Mierlo.

Guggenheim Securities is acting as financial advisor to CubicPV.

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