NorSun secures $8.5 million in recent funding round

Norway’s NorSun has secured $8.5 million through additional investment from two Norwegian equity investors, Statkraft Ventures and Årdal Energi, which contributed a total of NOK 50 million.

Previous investors Nysnø Climate Investments, Scatec Innovation, and ABN AMRO Sustainable Impact Fund – along with the management team and smaller shareholders – also contributed to the funding round.

NorSun plans to build a 5 GW factory in the United States, and aims to add 3 GW of capacity to its existing 1 GW manufacturing plant in Årdal, Norway.

“NorSun's position as the leading Western producer of wafers for the solar cell industry has contributed to significant interest in our growth plans from customers and other business partners. Together with existing and new shareholders, the management will implement an ambitious growth plan,” said Erik Løkke-Øwre, the CEO of NorSun. “In the first phase, we will secure binding sales contracts and financing as the foundation for an investment decision for the US plant which is expected at year end.”