SOLARCYCLE raises $6.6M to speed up the development of a sophisticated recycling platform for the photo voltaic trade


SOLARCYCLE, a technology-driven photo voltaic system recycling platform, introduced that the corporate has raised $6.6 million in progress funding from main renewable power and round financial system buyers – together with SolarCity founders Peter and Lyndon Rive, former Sunpower Company Techniques CEO/CTO Tom Dinwoodie, City Innovation Fund and Closed Loop Companions. “At SOLARCYCLE, we’re pushed by the pressing problem of maximizing the sustainability of the uncooked minerals wanted to energy the clear power revolution,” mentioned SOLARCYCLE CEO Suvi Sharma. “It is thrilling to have monetary backing from buyers who helped begin and develop the photo voltaic trade, in addition to enterprise capital funds specializing in creating the infrastructure wanted for the round financial system. This funding will enable us to develop our superior recycling operations in North America, enabling us to start managing the tens of millions of photo voltaic methods that will likely be retired within the years to return.

“Solar energy is the quickest rising supply of power in the USA,” mentioned Julie Lein of City Innovation Fund. “However with extra photo voltaic panels, there’s extra waste. SOLARCYCLE has an thrilling imaginative and prescient to remodel the best way we recycle and reuse photo voltaic panels – and so they have the suitable group to make it occur. The City Innovation Fund is delighted to assist SOLARCYCLE.

“An increasing number of photo voltaic panels are being changed by newer variations. Older panels comprise high-value metals like silver, aluminum and high-grade silicon,” mentioned Peter Rive, co-founder and director Technical from SolarCity “I invested as a result of SOLARCYCLE has a recycling system that would allow cost-effective, high-volume recycling of large-scale photo voltaic panels.”

“I used to be concerned in commissioning the primary wave of large-scale, large-scale photo voltaic installations, and I am thrilled to be concerned with SOLARCYCLE,” mentioned Tom Dinwoodie, co-founder of Sunpower. “I strongly consider that the transition to a renewable financial system should be accompanied by specific consideration to the event of a round financial system to take care of the scarcity of minerals and the looming waste drawback dealing with us. The SOLARCYCLE group is nicely positioned to show this rising drawback into a possibility, and I invite them to deliver their technical perception and innovation to satisfy the recycling wants of the trade. I’m satisfied that their success will guarantee a greater world for all of us.

“We’re thrilled to spend money on the visionary and achieved group at SOLARCYCLE, which helps to construct round financial system infrastructure for the photo voltaic trade,” mentioned Danielle Joseph of Closed Loop Companions. “Because the demand for photo voltaic power will increase with an more and more pressing local weather disaster, it’s important that the supplies used for photo voltaic panels usually are not wasted in landfills. SOLARCYCLE has the expertise, the operational expertise and the mission-driven ardour to assist deal with this rising and critically essential large-scale problem.We look ahead to seeing them advance their climate-friendly and cost-effective platform to reinject over 95% of all helpful supplies within the photo voltaic provide chain.

For extra data, go to www.closedlooppartners.com.


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