Wafer production hopeful CubicPV announced that its Board of Directors has decided to halt the company’s U.S. wafer manufacturing plans and focus instead on tandem module development. The company blamed market dynamics, including a collapse in wafer pricing and surge in construction costs, as the reason behind its thwarted attempt at realizing domestic production.
CubicPV first announced its intentions in 2022 to open a 10-GW wafer factory in the United States. The company, which also has research experience in tandem silicon-perovskites designs, championed a “direct wafer” technology that would make wafers directly from molten silicon. Instead of working with that novel approach, CubicPV said the U.S. factory would start with making traditional mono-wafers from ingots. Now the company is abandoning wafers altogether.
With the Board’s decision to restructure the company, CubicPV will also reduce its workforce and eliminate positions tied to the U.S. factory effort. Frank van Mierlo will step down as CEO following a 16-year tenure at CubicPV’s helm, and Tim McCaffery, Global Investment Director at SCG, will assume CEO responsibilities until a replacement is found.
“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 U.S.’s ability to realize 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,” said Frank van Mierlo.
CubicPV will now focus entirely on its proprietary tandem technology using perovskite material.
“Cubic’s engineering acumen and robust IP portfolio create a solid foundation for growth. SCG strongly believes that the Company’s tandem technology could be a solar breakthrough, transforming the energy landscape,” said Tim McCaffery. “I look forward to building on the team’s momentum.”