Photo voltaic module recycling firm Solarcycle has secured US$30 million in Sequence A funding to extend its photo voltaic panel recycling capability and develop supplies re-manufacturing capabilities.
Led by enterprise capital agency Fifth Wall and the Heritage Group’s company enterprise arm HG Ventures, the funding contains each firm fairness and infrastructure financing, offering asset-level fairness capital for Solarcycle’s Texas manufacturing facility.
The spherical additionally included participation from logistics firm Prologis Ventures and current traders comparable to enterprise capital agency City Innovation Fund and funding agency Closed Loop Companions.
“This Sequence A funding will enable us to additional advance our patented know-how, develop partnerships with business leaders, and quickly construct recycling infrastructure within the US and past to mine previous photo voltaic panels for making new photo voltaic panels,” mentioned Suvi Sharma, CEO and co-founder of Solarcycle.
The most recent announcement adopted the preliminary US$6.6 million seed spherical the corporate raised in Might 2022, bringing the corporate’s whole funding to US$37 million.
The corporate added that photo voltaic adoption is predicted to speed up over this decade, growing from 150GWp put in in 2021 to 650GWp put in per 12 months in 2030, whereas recyclable supplies from photo voltaic panels will probably be value greater than US$2.7 billion by 2030, up from US$170 million this 12 months, in line with a analysis performed by Rystad Vitality.
Lastly, Solarcycle mentioned it could be on observe to put in the capability to recycle a million photo voltaic panels per 12 months by the tip of this 12 months and plans to open a recycling manufacturing facility able to processing hundreds of thousands of panels yearly in 2024.