Solarcycle nets USD 30m to scale solar panels recycling

US solar system recycling platform Solarcycle announced on Wednesday that it has raised USD 30 million (EUR 28.2m) in a Series A funding round with the fresh capital to be used to accelerate the start-up’s growth.

“This Series A funding will allow us to further advance our patented technology, grow partnerships with industry leaders, and rapidly build recycling infrastructure in the United States and beyond to mine old solar panels for making new solar panels,” CEO and co-founder Suvi Sharma noted in a statement.

The fund-raiser, including both company equity and infrastructure financing, was led by asset manager Fifth Wall and the corporate venture arm of holding company The Heritage Group. It also attracted Prologis Ventures as a new backer and saw participation from existing investors Urban Innovation Fund and Closed Loop Partners.

The transaction has brought the total capital raised by the company to USD 37 million and follows Solarcycle’s initial USD-6.6-million seed round in May 2022.

Founded in 2022, Solarcycle has developed proprietary technology that can cost-effectively return more than 95% of all the valuable materials, like aluminium, glass, copper, silver and silicon, back into the solar value chain.

The start-up last year opened its first advanced-technology solar recycling facility in Odessa, Texas and also inked customer partnerships with various US solar companies, such as Sunrun, Silicon Ranch, DEPCOM Power, SOLV Energy, NovaSource, Greentech Renewables and Forum Energy Partners.

(USD 1 = EUR 0.940)

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