Solar panel recycling startup nets $6.6M
SolarCycle, an Oakland, California, startup that wants to recycle and resell used solar panels, raised $6.6 million in seed funding at an undisclosed valuation, the company tells Axios.
Why it matters: The solar panel supply crunch is forcing companies to be creative, a development that is making room for a new crop of solar startups.
- At the same time, the pause in solar panel imports to the U.S. is costing companies and investors billions of dollars, and companies like SolarCycle are seeking to capitalize on a solution.
What's happening: Urban Innovation Fund led the SolarCycle round, which also included Closed Loop Partners, SolarCity founders Peter and Lyndon Rive, plus SunPower CTO Tom Dinwoodie.
- The round closed on May 6, SolarCycle CEO Suvi Sharma tells Axios.
How it works: SolarCycle wants to resell used solar panels to project managers and individual consumers.
- Those that can't be resold will be recycled for parts, including metals such as silver, silicon and aluminum.
- SolarCycle doesn't yet have an owned and operated recycling facility, but is currently operating a beta program with Sunrun.
💭 Our thought bubble: Depending on how the Commerce Department investigation of solar panel imports goes through the summer, SolarCycle may have a lot more customers lining up for reused panels or recycled parts than it can supply.