Solarcycle Plans To Recycle 1 Million Panels A Year With Help From $30 Million In Financing
Summary
The round was led by large asset manager Fifth Wall and HG Ventures, the corporate arm of The Heritage Group. Other participants included Prologis Ventures and existing investors Urban Innovation Fund and Closed Loop Partners.The equity and infrastructure financing will be used to grow the capacity of a Solarcycle recycling plant in Texas from 500,000 to 1 million panels by the end of the year and invest in further research and development.Sharma explains that solar panels last for maybe 25-30 years, at the most. So panels that were installed decades ago are reaching the end of their lives, and being landfilled or replaced by mining new materials.He says he spent 18 years in the solar industry and helped establish Solarcycle out of necessity. The company plans to install the system this year and Sharma says it can supply all or most of the energy needed to power the recycling facility.Each old panel there will come in handy later on. We really just recycle it on-site, with a huge environmental benefit, he says.Beyond the latest round of financing, Solarcycle is looking to expand closer to areas where old panels need recycling.The Southwest, like California for example, is currently the largest solar state, the CEO says.