CubicPV scraps 10GW US wafer factory due to “dramatic collapse in prices”

Facebook
Twitter
LinkedIn
Reddit
Email
The facility had been in the works since late 2022, but has now been deemed unviable. Image: CubicPV

US solar manufacturer CubicPV has abandoned its plans for a 10GW solar wafer manufacturing facility in the US and is “restructuring” its business to focus on tandem technology module development.

The company’s CEO and solar industry veteran, Frank Van Mierlo, has also stepped down.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

In a statement, CubicPV blamed “market dynamics including a dramatic collapse in wafer prices and a surge in construction costs” for its failure to realise a domestic manufacturing base. Jobs that were tied to the wafer production facility have been cut.

Van Mierlo said: “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 US’s ability to realise a solar manufacturing renaissance is to invent a better panel. Moving forward, the Cubic team is fully dedicated to delivering this solution to the world. I’m proud of what we’ve accomplished and know there is more to come.”

CubicPV first announced plans for the 10GW facility in December 2022, which it said would be developed alongside its work on silicon-perovskite tandem solar technology. Over the course of 2023 the company received a US$103 million equity financing deal to support the factory, announced an engineering partner and, most recently, inked a US$1 billion polysilicon supply deal with South Korean-owned producer OCIM.

Concerns over solar module prices has been the reason for the abandonment of a number of solar manufacturing plans of late, but the majority have been in Europe. As discussed in a long read published today on PV Tech, the European manufacturing sector has been brought to its knees by drastically falling prices on solar imports that have pushed companies out of the marketplace.

CubicPV is one of the first companies operating in the US to abandon manufacturing plans due to price pressure, as the Inflation Reduction Act (IRA) has had a cushioning effect for US companies. Incentives in the IRA, however, seem to have mostly stimulated investment into module assembly plants rather than the further upstream, more complex portions of the solar supply chain, like wafers, which CubicPV was targeting.

The company will now focus its business on developing and commercialising perovskite solar products.

High-performance perovskite-based solar products have so far eluded commercial production, predominantly due to the unsustainable rates of degradation the material suffers when exposed to the elements. CubicPV has been seen as one of the most viable companies trying to develop the technology in the US; it is backed by Bill Gates’ Breakthrough Energy Ventures and Southeast Asian conglomerate SCG, and has attracted notable names from the solar industry like First Solar’s Bruce Sohn and, until today, Van Mierlo.

Of its work on perovskites, the company said: “Cubic’s module-centric approach simultaneously addresses stability, reproducibility and efficiency and promises to solve the durability challenge that has slowed the commercialisation of perovskite material use in solar panels.”

Earlier this week, solar research institute Oxford PV and testing house Fraunhofer ISE announced a “record-breaking” perovskite-tandem module with a 25% conversion efficiency.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 9, 2025
Nautilus and Summit Ridge Energy secured major financing deals to expand community solar projects across multiple US states.
September 9, 2025
The US is forecast to reach between US$55-60 billion in clean energy tax credit monetisation in 2025, according to a report from clean energy financing technology platform Crux.
September 9, 2025
The US Solar Energy Industries Association (SEIA) has released a policy blueprint which it claims would “strengthen the reliability of America’s electric grid with solar and storage technologies.”
September 9, 2025
US solar tracker manufacturer Nextracker has acquired Origami Solar, a steel frame technology-focused company, for approximately US$53 million. 
September 9, 2025
Leading solar industry professionals discussed the importance of US solar PV manufacturing at the RE+ trade show in Las Vegas, US.
September 9, 2025
The US installed 17.92GW of new capacity in the first half of 2025, with quarterly declines in additions for utility-scale and residential solar.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines