Norway’s NorSun Eyes Expansion to 5 GW for US Solar Factory with US$8.5 Million Funding

Norway's NorSun Eyes Expansion to 5 GW for US Solar Factory with US$8.5 Million Funding

Oslo-based NorSun, which makes solar wafers, has pocketed NOK 90 million (USD 8.7m/EUR 7.9m) in equity financing. The freshly injected capital will aid its capacity expansion plans in Europe and other countries. This also entails the firm’s ambition to establish a 5 GW production facility in the US. The firm has also set sights on expanding its presence in the Ardal region of Norway’s Vestland County.  The firm is also working on an ingot plant in the US, subject to support under the Inflation Reduction Act.

The funding round was led by Norway’s Statkraft Ventures, which is the venture capital arm of Statkraft AS.

NorSun said it had been injected with NOK-40-million investment and a NOK-10-million commitment by Ardal Energi. Additionally, NorSun has pocketed financing from current investors Nysno Klimainvesteringer, Scatec Innovation and Abn Amro Sustainable Impact Fund, as well as from the management of the firm and some shareholders.

“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,” said CEO Lokke-Owre.

Currently, NorSun operates a factory in Ardal. The production of solar wafers began here in 2009. Ten years later, the factory producing twice the capacity of wafers it began with to 1 GW. Back in June, the firm received a EUR-53.6-million grant from the EU Innovation Fund for expanding the factory further to 3 GW.