Heliene Inc., a Mountain Iron, MN-based provider of North American-made solar PV modules, closed $170M funding round.
The funding included $20M in equity and $150M of debt. The $150M credit facility was provided by Orion Infrastructure Capital. The $20M equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing customers – Valta Energy and Bullrock Renewables – also joined the round.
The company intends to use the funds for expansion and the creation of jobs in manufacturing within the clean energy transition.
Led by Martin Pochtaruk, CEO, Heliene is a domestic module manufacturer serving the utility-scale, commercial, and residential markets. With an in-house logistics team and support staff, the company delivers solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene has production facilities located in Canada, and the USA. In 2022, the company expanded its North American manufacturing capacity with the opening of an additional 500 MW plant at its existing facility in Mountain Iron, Minnesota. This new capital commitment will enable Heliene to expand that facility with two new 300MW lines and bolster workforce development in 2023 to help meet continued customer demand. This year, the company aims to employ an estimated 300 team members in Minnesota and 200 in Ontario. Future planned investments will enable accelerated manufacturing capacity growth from 1.1 GW to 2.0 GW in the USA by the end of 2024, with important job creation expected to support these efforts as well.
FinSMEs
14/09/2023