Heliene, a solar PV module manufacturer, announced the closing of an equity investment of up to $54 million. This funding was provided by Transition Equity Partners (TEP) in collaboration with a consortium of limited partners, including affiliates of Hamilton Lane.
With this funding, the company plans to expand its production by developing a new 550 MW Solar PV module production line in Rogers, Minnesota, which will boost the company’s total domestic manufacturing capacity to almost 1.5 GW per year. The investment will also support its existing service in the North American Solar market, which it has served over the past 14 years through multiple market cycles.
Last year in September, Heliene also closed a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding. The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm.
The company is set to capitalize on the 45X production tax credit while customers get significant incremental value through the Domestic Content Adder (DCA).
“This investment from Transition Equity Partners is a key milestone in Heliene’s growth journey. It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition. We are proud to play a pivotal role in strengthening North America’s renewable energy supply chain and contributing to the global energy transition.” Said, Martin Pochtaruk, CEO of Heliene.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, VC funding activity decreased 29% YoY, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023. However, in Q2 2024, global VC funding activity rose 29% year over year (YoY), with $2.2 billion in 16 deals compared to $1.7 billion raised in 15 deals in Q2 2023.
