Suniva, a Delaware corporation and a wholly owned subsidiary of SUNation Energy, Inc., announced the completion of an $835 million capital raise on September 8, 2026. The financing, which includes both debt and equity, was provided by a group of top-tier financial partners, including Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management.
The proceeds from this capital raise will fund the construction of Suniva’s second U.S. solar cell manufacturing facility in Laurens County, South Carolina. This expansion is expected to more than quadruple the company’s capacity to 5.5 gigawatts (GW). The new facility is a 4.5 GW high-efficiency monocrystalline silicon solar cell manufacturing plant. The shell of the 621,468 square foot building is already complete, and the project represents an approximately $600 million investment.
Construction is expected to be completed in late 2027, with full production ramp expected in 2028. The project is anticipated to create 564 new advanced manufacturing jobs. Suniva currently operates a 1 GW manufacturing facility in Norcross, Georgia. The company stated that the new capacity will be de-risked by a domestic supply chain and long-term product offtake agreements with leading U.S. solar players.
The completion of this financing was announced in a press release furnished as Exhibit 99.1 to this Form 8-K. The press release notes that Suniva signed a definitive reverse merger agreement with SUNation Energy, Inc. on June 8, 2026. Under this agreement, Suniva will merge with a wholly-owned subsidiary of SUNation. The combined company is expected to operate under the Suniva name and continue SUNation’s listing on the Nasdaq Capital Market.
