- Solar module recycling startup SOLARCYCLE raised $30 million to scale its recycling capacity.
- SOLARCYCLE can already recycle 95% of a solar panel’s valuable materials.
Solar module recycling startup SOLARCYCLE raised $30 million in a recent Series A round, bringing the company’s fundraising total to $37 million since launching in 2021.
SOLARCYCLE aims to use the funds of growth equity and infrastructure financings to scale the company’s recycling capacity and expand materials remanufacturing capabilities.
Fifth Wall and HG Ventures led the round with participation from Prologis Ventures and existing investors Urban Innovation Rund and Closed Loop Partners. The announcement follows the initial $6.6 million seed round the company raised in May 2022.
Suvi Sharma, CEO and co-founder, said the funds will allow the company to advance its 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.”
SOLARCYCLE said it could recycle 95% of a solar panel’s valuable materials, including aluminium, glass, copper, silver, and silicon. The company said that bringing down the cost of solar panel recycling will still require significant capital to support research and development in the coming years.
The International Renewable Energy Agency estimates that global solar PV waste will reach 78 million tonnes in 2050. The raw materials from that waste are estimated to be worth $15 billion.