Silfab Solar, a North American solar module manufacturer with facilities in Washington state and Toronto, Canada, announced a new round of funding led by ARC Financial Corp. The $125 million investment is expected to help Silfab expand its facilities and launch a third cell and module fabrication in the United States.
Silfab’s third facility, a 1 GW cell production and 1.2 GW module assembly plant, is expected to reach operations in 2024. The site is expected to create over 800 U.S. jobs. Details on the facility site location will be shared at a later date.
The cell production capacity addresses a critical solar module value chain constraint for U.S.-based solar manufacturing.
“Silfab has grown more than 40 percent since ARC’s initial support,” said Silfab’s CEO, Paolo Maccario. “Our growth means more solar jobs for America and reliable energy that customers will use to reduce both costs and their carbon footprint.”
The funding round was led by ARC’s Fund 9 and included co-investments from Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity and BDC Capital’s Cleantech Practice. The investment marks ARC’s “continued confidence” in Silfab’s 40 years of experience in the solar industry.
“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,” said Brian Boulanger, CEO of ARC.
ARC’s first investment in the company, which took place in September 2021, totaled $100 million. It enabled Silfab to expand its existing Washington facility and make improvements to its production lines.
In February, Silfab announced a new series of solar modules with innovative conductive backsheets. The Elite Series includes the Elite 410 BG, a proprietary x-pattern module that combines an integrated cell design with a conductive backsheet, leading to gains in efficiency and power.
The module provides 410 W, a module efficiency of 21.4%, and a max system voltage of 1000 Vdc.
“With its all-black sleek look, Elite provides the aesthetics homeowners have been looking for,” said Maccario, Silfab’s CEO.
Maccario said the modules are a result of the company’s 40-year record of technological and engineering experience. “Elite puts American solar products back on top,” he said.
Each Silfab production facility features multiple automated ISO 9001-2015 quality-certified production lines. The company operates just-in-time manufacturing to deliver Buy American approved PV modules designed for the North American market.
