Energy & Sustainability Client Feature — July 2023

This month we are excited to feature CubicPV, a solar manufacturing innovator. Last month, CubicPV (“Cubic”) announced it secured new equity commitments in excess of $100 million dollars in support of its US factory plans and product roadmap. The investment will be split into two tranches, with the first $33 million released immediately. The second investment tranche is tied to specific project milestones. Cubic’s strong shareholder base, led by SCG Cleanergy (a wholly owned subsidiary of SCG) with contributions from Hunt Energy Enterprises and Breakthrough Energy Ventures, committed the capital to further accelerate Cubic’s growth strategy.

The investment reflects investors’ considerable confidence in Cubic’s ability to meet the expected demand for US-produced wafers and lead the market transformation to tandem module technology. Cubic continues to make steady progress against its plan to build 10 gigawatts (GW) of wafer production in the United States, a direct result of the long-term industrial policy contained within the Inflation Reduction Act. Cubic completed its conceptual design and scoping for the project, narrowed its site selection decision to two final possible locations, engaged with an industry-leading project management company, and is in the process of completing the detailed design. The company also remains on track with respect to financing the factory and has received indicative term sheets exceeding the required total equity for the new factory.

“With its deep experience in silicon wafer production and ownership of highly innovative proprietary technologies, Cubic is ideally positioned to play a key role in the world’s embrace of solar-powered electricity generation. We continued to be impressed with the strength of the team, their progress against plan and their commitment to manufacturing and innovation excellence,” said Tim McCaffery, Global Investment Director, SCG.[1]

[1] CubicPV, CubicPV Receives First Stage of $103M in Equity Financing to Support U.S. Factory Plans and Tandem Development, June 13, 2023.

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