SOLARCYCLE, a tech-driven recycling company focused on producing sustainable materials at scale for the solar industry, has raised $30 million in Series A funding, bringing the company’s total funding to $37 million since its inception a year ago.

The funds will be used to scale the company’s growth in solar panel recycling capacity and expand materials remanufacturing capabilities. The round is led by Fifth Wall, an asset manager, and HG Ventures, the corporate venture arm of The Heritage Group.

The round also included participation from Prologis Ventures, as well as existing investors Urban Innovation Fund and Closed Loop Partners. The announcement follows the initial $6.6 million seed round raised in May 2022. The infrastructure financing, led by Fifth Wall Infrastructure and Special Situations Partner Alok Sindher, provides asset-level equity capital for SOLARCYCLE’s Odessa, Texas, factory.

Solar adoption is expected to accelerate over this decade, increasing from 150 GW installed in 2021 to 650 GW installed per year in 2030. SOLARCYCLE has developed proprietary technology that can cost-effectively return more than 95% of all the valuable materials, like aluminum, glass, copper, silver and silicon, back into the solar value chain.

“This Series A funding will allow us to further advance our patented technology, grow partnerships with industry leaders, and rapidly build recycling infrastructure in the United States and beyond to mine old solar panels for making new solar panels,” says Suvi Sharma, CEO and co-founder of SOLARCYCLE.