NorSun bags US$8.5 million to build 5GW US wafer plant

Facebook
Twitter
LinkedIn
Reddit
Email
The company is one of the only European wafer manufacturers. Image: Unsplash

Norwegian solar wafer manufacturer NorSun has closed NOK90 million (US$8.5 million) in equity financing to support its expansion in Europe and the US.

The funding was led by Statkraft Ventures and Årdal Energi, who provided NOK40 million and NOK10 million each, with additional support from existing NorSun shareholders Nysnø Klimainvesteringer, Scatec Innovation and ABN AMRO Sustainable Impact Fund.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Norsun said that it will be looking to finalise its plans for a 5GW US wafer manufacturing facility, which will be coordinated with assessments for possible expansion in the Årdal region of Norway, where its current plant is, and other European locations.  

It will also add a research ‘centre of excellence’ to its Årdal facility.

“Through this transaction, existing shareholders, new investors and the company’s creditors have made it possible for NorSun to utilise its position as the leading western wafer producer for further development and expansion, both in the US and Europe,” said John Andersen, Jr., chairman of NorSun.

A report from the European Solar PV Industry Alliance earlier this year said that its target of 30GW of European manufacturing by 2025 is feasible if the right legislative and policy conditions are met. However, as it stands, there is just 1.7GW of wafer manufacturing capacity in the continent according to SolarPower Europe, and NorSun is a significant portion of that.

The company signed a supply deal with Swiss solar manufacturer Meyer Burger in February, to supply it with European-made silicon wafers.

NorSun was part of a group of solar industry representatives who called for increased focus on upstream PV manufacturing in Europe this January. They called for more favourable financial moves, subsidies, low interest rates and credit guarantees to spur upstream production.

Erik Løkke-Øwre, CEO of Norsun said: “Together with existing and new shareholders, the management will implement an ambitious growth plan. In the first phase, we will secure binding sales contracts and financing as the foundation for an investment decision for the US plant which is expected at year end.”

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 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.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will 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 out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth 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 2026 and beyond.

Read Next

June 12, 2024
Burns & McDonnell has started construction on Consumers Energy’s 297MWdc/250MWac solar project in the US state of Michigan.
June 12, 2024
US renewables developer Origis Energy has commissioned the 200MW Escalante solar project in New Mexico alongside non-for-profit electricity utility Tri-State Generation and Transmission Association.
June 12, 2024
Lawrence Berkeley National Laboratory (LBNL) research shows that the use of solar panels on US homes can cut energy burden to as low as 1.3%.
June 12, 2024
The Casey Fork solar project in Jefferson County, Illinois, will bring RWE’s total renewables capacity in Illinois to 750MW
June 12, 2024
Module manufacturer Canadian Solar has inaugurated its first production facility in the US with a 5GW TOPCon module assembly plant.
Premium
June 12, 2024
Prominent fire safety experts, solar professionals and veteran firefighters have serious concerns about new PV hazard control solutions.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia