- Heliene Inc. secures a $54 million investment from Transition Equity Partners to expand its solar manufacturing capacity and create over 150 jobs.
- The company has established key agreements, including a 2.0 GW supply deal with Excelsior Energy Capital and a 1.5 GW agreement with Nexamp, enhancing its market position.
- Leveraging the Inflation Reduction Act, Heliene aims to boost its capacity to 1.5 GW annually, promoting energy independence and reducing reliance on imports.
Heliene Inc., a North American photovoltaic (PV) solar module manufacturer, has announced a strategic investment of $54 million from Transition Equity Partners (TEP). This funding aims to expand Heliene’s domestic production and strengthen its North American solar market position. The investment will create over 150 jobs and increase annual production to 1.5 gigawatts (GW).
This investment follows Heliene’s $170 million fundraising round in 2023, which included support from Orion Infrastructure Capital and several key customers. The new capital will facilitate the development of a 550 MW production line in Rogers, Minnesota, marking a crucial step in the company’s growth.
Heliene benefits from strategic, solid partnerships that will aid in this expansion. The company has a 2.0 GW supply agreement with Excelsior Energy Capital and a 1.5 GW deal with Nexamp. US Secretary of Energy Jennifer M. Granholm emphasized the significance of these partnerships. She said the investment would “stimulate American manufacturing and create jobs while lowering families’ energy bills.”
Heliene plans to maximise its growth by leveraging the Inflation Reduction Act (IRA). The company intends to capitalise on the 45X production tax credit. In addition, its customers will benefit from the Domestic Content Adder (DCA). This strategy enhances Heliene’s competitive edge and fortifies the domestic solar supply chain.
To further strengthen its US solar supply chain, Heliene partners with various companies. These collaborations include Suniva for U.S.-made solar cells and SOLARCYCLE for solar glass. OMCO Solar will serve as a domestic racking partner. Additionally, Heliene works with Premier Energies on a cell manufacturing joint venture and NorSun for domestic wafer production.
These initiatives prove vital for diversifying and securing the US solar supply chain. They aim to reduce reliance on imports and promote energy independence.
Martin Pochtaruk, Heliene’s CEO, described the investment as a critical milestone. He noted that it empowers the company to deliver high-quality, domestically produced solar modules that drive the clean energy transition.
Michael Allison, Partner at TEP, commented on the significance of the investment. He stated that Heliene’s operational excellence and strong market position create a rare opportunity to invest in US solar manufacturing. The support from the IRA further enhances this opportunity.
With this expansion, Heliene solidifies its status as one of the oldest solar manufacturers in North America. The company has navigated multiple economic cycles over the past 14 years. The new production line in Rogers will significantly boost its capacity to meet the growing demand for solar energy.
This initiative aligns with a broader movement to boost US domestic energy production. It enjoys support from favourable policies and private investments. As a result, it contributes to job creation and reduces carbon footprints through renewable energy solutions.
Stifel acted as Heliene’s exclusive financial advisor in this transaction. They ensured optimal investment structuring and effective integration of the funds into the company’s operations.
The collaboration between Heliene and Transition Equity Partners marks a significant step in the renewable energy sector. It demonstrates a strong commitment to supporting the energy transition while bolstering the local economy. This investment positions Heliene for growth and reinforces the broader trend toward increased domestic solar production.