Silfab Solar Inc., a photo voltaic photovoltaic module producer, has closed a second funding spherical led by ARC Monetary Corp. to assist fund Silfab’s subsequent growth of producing to incorporate home PV cell and module manufacturing at a 3rd facility to open in the US.
The $125 million funding from ARC’s Vitality Fund 9 consists of co-investments by Manulife Monetary Corp., Ontario Energy Era Inc. Pension Plan, CF Non-public Fairness and BDC Capital’s Cleantech Observe.
“Silfab is ideally located to satisfy North America’s rising urge for food for domestically manufactured cutting-edge photo voltaic merchandise,” says Brian Boulanger, CEO of ARC. “ARC stays assured that Silfab shall be a driver in cleantech manufacturing and U.S.-engineered product innovation. Silfab continues to implement a formidable development plan constructed round its unwavering dedication to fabricate high-quality merchandise and its a long time of innovation and expertise.”
Silfab’s third facility is anticipated to be absolutely operational in 2024 with an preliminary annual functionality of 1 GW of cell manufacturing and an extra 1.2 GW of PV photo voltaic module meeting. The brand new facility is predicted to generate greater than 800 new jobs.
Different particulars of the brand new facility, together with location, shall be introduced at a future date.
“Home manufacturing of photo voltaic cells represents a strategic effort to additional handle our provide chain and to use our technical prowess from the bottom up for a complete manufacturing course of,” says Paolo Maccario, Silfab’s CEO. “Silfab has grown greater than 40 p.c since ARC’s preliminary assist. We’re grateful for our collaborative relationship with ARC and with the Biden administration and its Inflation Discount Act, each enabling us to speed up our U.S. manufacturing technique.”
ARC’s first funding, introduced in September 2021, enabled Silfab to make additional enhancements to manufacturing strains at current Washington services so as to deploy next-generation PV modules to North American shopper, enterprise and institutional markets.