Silfab Solar secures strategic development funding
Silfab Solar Inc., a North American photovoltaic (PV) module manufacturing company, has one of ARC Financial Corp. (ARC) announced investment to significantly expand Silfab's US solar production and supply chain.
Silfab is the first energy transition investment by Energy Fund 9 from ARC. It includes co-investments of the Ontario Power Generation Inc. Pension Plan and the Cleantech Practice of BDC Capital.
"Silfab continues to invest heavily in domestic production facilities and technologies for solar modules that will lead the industry over the next five years," said Paolo Maccario, CEO of Silfab. “ARC's strategic investment provides growth capital that enables Silfab to increase domestic production and procurement and open additional doors to new generations of modules. ARC's North American energy focus complements the solar-specific acumen of our existing shareholders, and this commitment by both groups will also mean more American solar jobs. "
With manufacturing facilities across North America to serve the expanding US market, Silfab leverages automation to produce ultra-high efficiency modules, leverages partnerships for next generation technology applications, and provides warranties for residential and commercial performance.
"ARC has put a lot of effort into researching the solar industry for long-term investment opportunities that will support and drive the global energy transition," said Brian Boulanger, CEO of ARC. “Silfab's North American-based team, knowledge of automated manufacturing, product development pipeline, and dedicated customer focus are all in line with ARC's commitment to supporting high value businesses. Based on the current forecast of demand for solar PV, Silfab is ideally positioned for significant growth and this investment ensures that the company is sufficiently capitalized to implement its plan. "
Silfab manufactures rear and monopassivated emitter and rear contact (PERC) PV modules for the North American residential and commercial market.