Heliene has secured a $54 million funding from Transition Equity Partners to increase photo voltaic cell and module manufacturing within the United States.
From pv journal USA
Heliene, a PV module producer with amenities in Canada and the United States, introduced the closing of a strategic fairness funding of as much as $54 million from Transition Equity Partners. The funding will help the growth of Heliene’s manufacturing footprint.
The strategic funding from Transition Equity Partners follows an introduced $50 million in 45X manufacturing tax credit score switch to allow the corporate to cut back debt and full its Minnesota plant growth, with a deliberate May begin date 2025.
“This funding from Transition Equity Partners is a crucial milestone in Heliene’s development journey,” mentioned Heliene CEO Martin Pochtaruk. “We are empowered to increase our capability to ship high-quality, bankable, domestically produced photo voltaic modules that allow the clear vitality transition.”
This capital infusion will help the event of a brand new 550 MW manufacturing line in Rogers, Minn., and the creation of 150 or extra new full-time jobs on the facility. Heliene’s “Minnesota #3” manufacturing line will improve the US-based firm’s whole manufacturing capability to greater than 1.5GW per 12 months.
Heliene has a lot of industry-leading companions supporting this growth, together with a 2 GW provide settlement with Excelsior Energy Capital and a 1.5GW provide settlement with Nexamp, which was honored by the Secretary of Energy of the US Jennifer M. Granholm as an funding that “will enhance American manufacturing and create American jobs, whereas decreasing vitality payments for households.”
As the modules are first assembled at a Heliene manufacturing unit in Mountain Iron, Minnesota, Excelsior mentioned the brand new settlement “materially impairs the provision of PV modules” in its initiatives. By sourcing photo voltaic modules from a North American provider, Excelsior avoids the dangers inherent in buying tools that travels a 6,000 mile-plus world provide chain.
In addition, Heliene has raised $170 million from Orion Infrastructure Capital (OIC) and several other of Heliene’s key clients in 2023.
Heliene lately introduced the signing of a multi-year contract with NorSun, a photo voltaic wafer producer. The precise variety of wafers has not been decided, however Heliene studies that the provision will meet the annual requirement of silicon wafers beginning in 2026. Heliene, will take supply of the wafer to its cell manufacturing unit that it’s constructing with Premier Energies in Minneapolis-St. Paul, Minnesota.
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