In December 2022, CubicPV announced plans to establish 10 GW of conventional mono wafer capacity in the United States. Now, CubicPV said it has halted its plans to build a major U.S. silicon wafer factory, citing a collapse in product prices and soaring construction costs. It was reported that the Company will instead be focusing on producing tandem perovskite solar modules.
As part of its restructuring scheme, the company reduced its workforce and eliminated positions tied to the U.S. factory effort. The Company said it would support the affected workers by providing severance packages and extended health benefits.
Following a 16-year tenure as CubicPV’s chief executive officer, Frank van Mierlo has decided to step down. Tim McCaffery, global investment director, SCG, will assume chief executive officer responsibilities, guiding the company through the transition.
“Together with our Board, we’ve concluded that the one thing that could truly make a difference in humanity’s fight against climate change and the U.S. ability to realize a solar manufacturing renaissance is to invent a better panel,” said Frank van Mierlo.
CubicPV will now focus on tandem module development. The company seeks to address stability, reproducibility and efficiency of silicon-perovskite tandems and aims to solve the durability challenge that has slowed the commercialization of perovskite material use in solar panels.
“Cubic’s engineering acumen and robust IP portfolio create a solid foundation for growth. SCG strongly believes that the Company’s tandem technology could be a solar breakthrough, transforming the energy landscape,” said Tim McCaffery.
In Summer 2023, the Company secured $103 million in equity financing to support the now-scrapped wafer factory.
This past December, CubicPV and South Korean silicon producer OCI announced an eight-year supply agreement in which Cubic becomes OCIM’s first US customer for its low-carbon, U.S.-compliant silicon. The contract was valued at approximately $1 billion, establishes a commitment for an annual supply volume by OCI, providing Cubic with the polysilicon it needs in order to begin manufacturing at its U.S. plant. Under the terms of the agreement, OCI would begin to provide silicon in 2025 from its manufacturing facility.
