Heliene Inc. Secures $54 Million Investment to Expand Solar PV Production

Heliene Inc., a prominent North American solar photovoltaic (PV) module manufacturer, has successfully closed a strategic equity investment of up to $54 million from Transition Equity Partners (TEP), alongside a consortium of limited partners, including Hamilton Lane affiliates. This funding will bolster Heliene’s operations, which have served the North American solar market for over 14 years, making it one of the most established solar manufacturers in the region.

This investment follows Heliene’s previous capital raise of $170 million in 2023, which was secured from Orion Infrastructure Capital (OIC) and several key customers. The new capital will be allocated toward the development of a 550MW production line in Rogers, Minnesota, creating over 150 full-time jobs and increasing Heliene’s total U.S.-based manufacturing capacity to approximately 1.5GW per year.

Heliene has secured industry-leading partnerships to support this expansion, including a 2.0GW supply agreement with Excelsior Energy Capital and a 1.5GW supply agreement with Nexamp. U.S. Secretary of Energy Jennifer M. Granholm praised these agreements, stating they would “boost American manufacturing and create American jobs while lowering families’ energy bills.”

By leveraging the Inflation Reduction Act (IRA), Heliene plans to take advantage of the 45X production tax credit. Additionally, its customers will benefit from the Domestic Content Adder (DCA), creating a competitive edge in the renewable energy sector. Heliene aims to enhance the domestic solar supply chain through partnerships with Suniva for U.S.-made solar cells, SOLARCYCLE for U.S.-made solar glass, and OMCO Solar for domestically produced racking, among other initiatives.

Martin Pochtaruk, CEO of Heliene, expressed enthusiasm about the investment, stating, “This investment from Transition Equity Partners is a key milestone in Heliene’s growth journey. It empowers us to expand our capacity to deliver high-quality, bankable, domestically produced solar modules that power the clean energy transition.”

TEP noted Heliene’s strong market position and proven track record as key factors in their investment decision. Michael Allison, Partner at TEP, remarked, “Heliene’s operational excellence and strong market position, combined with the support of the Inflation Reduction Act, make this a rare opportunity to invest in U.S. solar manufacturing at an attractive entry point.”

Stifel acted as the exclusive financial advisor to Heliene throughout the transaction