Heliene has secured a $54 million investment from Transition Equity Partners to expand production of solar cells and modules in the United States.
Heliene, a PV module manufacturer with operations in Canada and the United States, has announced the closing of a strategic equity investment of up to $54 million from Transition Equity Partners. The investment will support the expansion of Heliene’s manufacturing footprint.
Transition Equity Partners’ strategic investment follows the announced one $50 million in 45X transfer of production tax credits to allow the company to reduce debt and complete the expansion of its Minnesota facility, which has a planned start date of May 2025.
“This investment from Transition Equity Partners is an important milestone in Heliene’s growth trajectory,” said Martin Pochtaruk, CEO of Heliene. “It allows us to expand our capacity to deliver high-quality, affordable, domestically produced solar panels that enable the clean energy transition.”
This capital injection will support the development of a new 550 MW production line in Rogers, Minnesota, and the creation of 150 or more new full-time jobs at the plant. Heliene’s “Minnesota #3” production line will increase the company’s total U.S. production capacity to more than 1.5 GW per year.
Heliene has several industry leading partners supporting this expansion, including one Supply agreement of 2 GW with Excelsior Energy Capital and a 1.5GW supply agreement with Nexamp, touted by U.S. Secretary of Energy Jennifer M. Granholm as an investment that would “boost American manufacturing and create American jobs while lowering household energy bills.” ”
Because the modules will be assembled primarily at a Heliene facility in Mountain Iron, Minnesota, Excelsior said the new agreement significantly jeopardizes the supply of PV modules from its projects. By purchasing solar panels from a North American supplier, Excelsior can avoid the risks inherent in purchasing equipment that travels a global supply chain of more than 9,000 kilometers.
Additionally, Heliene raised $170 million in 2023 from Orion Infrastructure Capital (OIC) and some of Heliene’s key clients.
Heliene recently announced the signing of one multi-year contract with NorSuna manufacturer of solar wafers. The exact number of wafers is not specified, but Heliene reports that the supply will meet the annual demand for silicon wafers from 2026. Heliene will receive the wafer at her location. cell factory that it is building with Premier Energies in Minneapolis-St. Paul, Minnesota.
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