ESG Today writes that CubicPV's production technologies enable the manufacturing of low-cost tandem modules. These are basically being made by stacking two solar cells using different semiconductor materials, offering over 30% better energy efficiency compared to regular modules.

Last year in December, CubicPV officials announced plans to build a facility with 10GW of mono wafer capacity in the US. Since the announcement, representatives said that they finalized the conceptual design and set their sights on two possible spots for the upcoming facility. Currently, the final detailed design of the production unit is to be finalized.

Frank van Mierlo, CEO at CubicPV, said that "today’s announcement underscores the considerable progress we’ve made, the depth of our engineering competence and the strength of our technologies to deliver a more powerful solar future."

SCG Cleanergy and Breakthrough Energy Ventures were among the companies who participated in the financing round and it has been communicated that the first 35 million USD have been made available right away, with the rest of the money being released according to different milestones.