SUNation Energy (SUNE) shares experienced a dramatic surge of nearly 26% during Wednesday’s premarket session, climbing to $2.98, following news that Suniva—its prospective merger partner—successfully secured $835 million in new financing.
The substantial capital injection will support a significant buildout of domestic solar cell manufacturing infrastructure, centered around a new production facility in South Carolina.
Suniva secured the funding through a combination of debt instruments and equity placements. The investor consortium features Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital, and Rubric Capital Management.
The capital stack comprises senior secured credit facilities, a second lien credit facility, and direct equity contributions from strategic investors.
Suniva’s planned production site will be located in Laurens County, South Carolina. The facility is designed to produce 4.5 GW of advanced monocrystalline silicon solar cells annually.
Total project costs are estimated at approximately $600 million. The structural shell of the 621,468-square-foot manufacturing building has already been completed.
Construction is slated for completion by the end of 2027, with full production capacity expected to come online throughout 2028. The facility is projected to generate 564 high-skilled manufacturing positions.
This South Carolina project represents a dramatic scaling of Suniva’s production capabilities, increasing capacity more than four times over.
Currently, Suniva operates a 1 GW solar cell manufacturing facility located in Norcross, Georgia. This existing plant is already fully operational and actively manufacturing monocrystalline silicon solar cells.
With both facilities running at full capacity, Suniva will command 5.5 GW of total solar cell manufacturing capability across the United States.
This financing milestone arrives as Suniva progresses toward completing its reverse merger transaction with SUNation Energy.
The companies announced their definitive reverse merger agreement on June 8. The transaction structure calls for Suniva to combine with a wholly owned SUNation subsidiary.
Following the merger’s completion, the resulting entity will operate under the Suniva brand. The combined organization will maintain SUNation’s existing Nasdaq Capital Market listing, continuing to trade under the SUNE ticker symbol.
Tony Etnyre, Suniva’s CEO, emphasized that the expanded manufacturing footprint addresses growing market demand for American-made solar cells. He highlighted that the company has already secured long-term purchase commitments covering the majority of planned production volumes.
According to Suniva, the company benefits from an established domestic supply chain infrastructure supporting this expansion—a capability the company characterizes as distinctive among U.S.-based solar cell manufacturers.
SUNE stock traded up 25.74% in Wednesday’s premarket session at $2.98, based on Benzinga Pro data.
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