The company recently raised $125M and plans to fund its next expansion of made-in-America manufacturing to include domestic PV cell and module production
A leading North American company in photovoltaic (PV) module manufacturing, Silfab Solar Inc. recently announced a second investment round led by ARC Financial Corp. (ARC) to help fund its next expansion of made-in-America manufacturing to include domestic PV cell and module production at a third facility to open in the United States. Silfab believes that ARC’s latest investment reflects its continued confidence in Silfab’s ability to meet the increasing demand for high-quality PV modules through a sustainable growth strategy guided by Silfab’s leadership team and experience. Silfab expects its third U.S. solar manufacturing facility to be fully operational in 2024 with an initial annual capability of 1-gigawatt cell production and an additional 1.2 gigawatts of PV solar module assembly.
Notably, the $125 million investment from ARC’s Energy Fund 9 included co-investments by Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice.
CEO of ARC, Brian Boulanger remarked: “Silfab is ideally situated to meet North America’s growing appetite for domestically manufactured cutting-edge solar products. ARC remains confident that Silfab will be a driver in clean tech manufacturing and U.S.-engineered product innovation. Silfab continues to implement an impressive growth plan built around its unwavering commitment to manufacturing high-quality products and its decades of innovation and experience.”
The company’s official note pointed out that investing in U.S.-made solar cells is a critical component in a clean supply chain to support the manufacturing of solar panels for North American customers. Without revealing other details, Silfab anticipated that its new facility will create over 800 new jobs in the country.
Silfab’s CEO, Paolo Maccario commented, “Domestic production of solar cells represents a strategic effort to further manage our supply chain and to apply our technical prowess from the ground up for a comprehensive manufacturing process. Silfab has grown more than 40 per cent since ARC’s initial support. We are thankful for our collaborative relationship with ARC and with the Biden administration and its Inflation Reduction Act, both enabling us to accelerate our U.S. manufacturing strategy. Our growth means more solar jobs for America and reliable energy that customers will use to reduce both costs and their carbon footprint.”
Announced in September 2021, ARC’s first investment enabled Silfab to develop production lines at existing Washington facilities in order to deploy advanced PV modules to North American consumer, business, and institutional markets.
Around 40 years old Silfab Solar is a North American company which identifies as a leader in the design, development and manufacture of ultra-high-efficiency, premium-quality PV modules. It has facilities in the state of Washington and Toronto, Canada. Silfab claims to have recorded over a dozen expansions of production capacity, most recently with state-of-the-art PV module assembly plants in the state of Washington.
Founded in 1989, ARC Financial Corp. claims to be committed to building high-performing businesses that address the world’s energy and sustainability needs. The ARC Energy Research Institute supports its investment strategies, proactively identifying key trends, and building relationships with entrepreneurs, industry leaders, and government.
