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					</table><p>Solar wafer manufacturer <a href="https://cubicpv.com/" target="_blank" rel="noopener">CubicPV</a> received firm equity commitments exceeding $100 million to support the company&#8217;s plans to establish a factory in the United States and advance its tandem product roadmap.</p>
<p>The funding will be divided into two tranches, with the initial tranche of $33 million being made available immediately. The release of the second tranche of investment will be tied to achieving specific project milestones.</p>
<p>The funding was led by <a href="https://scginternational.com/home/green-business-solutions/" target="_blank" rel="noopener">SCG Cleanergy</a>, along with contributions from <a href="https://www.huntenergyenterprises.com/" target="_blank" rel="noopener">Hunt Energy Enterprises</a> and <a href="https://breakthroughenergy.org/" target="_blank" rel="noopener">Breakthrough Energy Ventures</a>.</p>
<p>CubicPV stated it is making steady progress in its ambitious plan to establish 10 GW of wafer production capacity within the United States, which aligns with the long-term industrial policy outlined in the Inflation Reduction Act.</p>
<p>The company claims to have completed the conceptual design and scope for the project, and it has narrowed the selection of potential site locations to two final options.</p>
<p>Additionally, CubicPV has engaged with a top-tier project management company and is finalizing the detailed design phase. The company is also on track to secure the necessary financing for the factory, having received indicative term sheets that exceed the required equity for the new facility.</p>
<p>&#8220;Today&#8217;s announcement underscores the considerable progress we&#8217;ve made, the depth of our engineering competence, and the strength of our technologies to deliver a more powerful solar future,&#8221; said Frank van Mierlo, CEO, CubicPV. &#8220;We thank SCG Cleanergy for their confidence in our manufacturing goals and product roadmap.&#8221;</p>
<p>Guggenheim Securities is acting as a financial advisor to Cubic for the transaction.</p>
<p>CubicPV appointed David Gustafson as the President of the new wafer facility to oversee the planning, design, ramp-up, and operation.</p>
<p>American Clean Power Association said that the utility-scale clean energy sector in the U.S. has <a href="https://www.mercomindia.com/ira-fuels-record-investment-us-clean-energy-sector" target="_blank" rel="noopener">received</a> investments of over $150 billion since the Inflation Reduction Act was signed into law in August 2022.</p>
<p>Global VC funding for the solar sector in Q1 2023 <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">came</a> to $2.1 billion in 18 deals, a 40% increase compared to $1.5 billion raised in 18 deals in Q4 2022. Year-over-year funding was 75% higher compared to Q1 2022.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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CubicPV Secures $103 Million for US Wafer Factory

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Karnataka Electricity Regulatory Commission (</strong><a href="https://karunadu.karnataka.gov.in/kerc" target="_blank" rel="noopener"><strong>KERC</strong></a><strong>) has condoned the delay in commissioning a 1 MW solar project by Chouwdeshwari Solar Energy in Guttahalli village Chikkaballapura District. </strong>The Commission found that the delay constitutes a &#8216;force majeure&#8217; event caused by delays in securing approvals from government institutions. The Commission said Chouwdeshwari Solar Energy is entitled to the tariff at ₹8.40 (~$0.11)/kWh per the power purchase agreement. The Commission directed Bangalore Electric Supply Company (BESCOM) to pay the difference in tariff paid per unit from the project&#8217;s commissioning date and the late payment surcharge within two months. It also ordered BESCOM not to levy liquidated damages, and if already levied, the same must be refunded within two months.</p>
<p><strong>Indian module manufacturer Waaree Energies and CubicPV </strong><a href="https://www.businesswire.com/news/home/20220428005141/en/CubicPV-and-Waaree-Announce-Multi-Year-Supply-Agreement" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a multi-year supply agreement in which CubicPV will supply 1 GW of silicon cells to Waaree annually. </strong>The cells will feature wafers made with CubicPV&#8217;s technology, which produces wafers directly from a molten bath of silicon. The agreement intends to strategically position Waaree to capture industry growth by delivering a lower levelized cost of electricity to the Indian utility-scale market. The partnership aims to strengthen India&#8217;s domestic solar manufacturing ecosystem, with CubicPV providing the basis for a domestic supply line for Waaree and a level of immunity concerning the logistics challenges and volatile commodity pricing that has defined the import market.</p>
<p><strong>Tata Power </strong><a href="https://www.tatapower.com/media/PressReleaseDetails/1940/tata-power-signs-mou-with-naredco-to-install-5000-ev-charging-points-across-maharashtra" target="_blank" rel="noopener"><strong>collaborates</strong></a><strong> with the National Real Estate Development Council (NAREDCO), Maharashtra, to install up to 5,000 EV charging points across its member developer properties.</strong> Tata Power will provide a comprehensive EV charging solution across member developers of NAREDCO. This will include installation, maintenance, and upgradation of the chargers as and when required. EV owners across NAREDCO&#8217;s member developers&#8217; properties will have access to 24&#215;7 vehicle charging, monitoring, and e-payments facilities through Tata Power&#8217;s EZ Charge mobile app. The collaboration is a huge step toward reducing carbon emissions and accelerating e-mobility adoption across Maharashtra.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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