Silfab Solar Funding, Investors & Competitors
Silfab Solar has raised $175M across 2 funding rounds, most recently a $50M undisclosed-stage round in November 2024.
Last Silfab Solar funding round
$50M
Undisclosed stage · Nov 2024
Cumulative funding Silfab Solar raised
$175M
across 2 funding rounds
Key investors in Silfab Solar
ARC Financial
BDC Capital
CPP Investments
Common Fund
Manulife
Ontario Power Generation
About Silfab Solar
Silfab Solar is a Canadian manufacturer of high-efficiency photovoltaic modules with production facilities in British Columbia and Washington state. The Elite Series panels deliver up to 435 watts per module, achieving leading power density for North American-made solar products. Silfab supplies utility-scale projects and commercial rooftops across the United States and Canada.
Founded
2010
HQ
TorontoWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Silfab Solar Funding History
Silfab Solar has raised a total of $175M across 2 funding rounds.
Silfab Solar's first fundraising round was a $125M undisclosed-stage round in March 2023. The most recent completed round was a $50M undisclosed-stage round in November 2024.
Silfab Solar funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2024 | Undisclosed stage | ARC Financial (lead) | $50M | Silfab Solar, a North American solar photovoltaic (PV) module manufacturer headquartered in Canada, closed a $100 million financing round in November 2024 to scale its state-of-the-art solar cell manufacturing facility in Fort Mill, South Carolina. The round consisted of a $50 million equity investment led by funds advised by ARC Financial Corp., which included investment from existing co-investors, and a $50 million senior secured financing (green loan) led by Breakwall Capital and SR Alternative Credit. The company is developing a 1 GW solar cell production plant and 1.3 GW module assembly capacity at the South Carolina facility, which was scheduled to become operational by the end of 2024. Earlier in May 2024, Silfab raised $5 million in a U.S. Department of Energy grant to develop back-contact n-type solar cells targeting 26% or higher efficiencies, with a 300 MW pilot line to be hosted at the South Carolina facility. Silfab operates additional manufacturing capacity including a 1.1 GW PV module facility in Burlington, Washington, and brings over 40 years of solar industry experience. In May 2025, the company further strengthened its financial position by announcing the sale of up to $110 million in Section 45X Advanced Manufacturing Production Tax Credits, creating additional funds for expansion and reinforcing its role as a critical supplier of American-made solar components. |
| Mar 2023 | Undisclosed stage | ARC Financial (lead); Ontario Power Generation; CPP Investments; Manulife; BDC Capital; Common Fund | $125M | Silfab Solar, a North American solar module manufacturer with facilities in Washington state and Toronto, Canada, raised $125 million in a funding round announced on March 9, 2023, led by ARC Financial's Fund 9. Co-investors included Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity (likely Common Fund), and BDC Capital’s Cleantech Practice. The equity investment aimed to fund the first phase of a new 1 GW solar cell production and 1.2 GW module assembly facility in the United States, expected to be operational in 2024 and create over 800 jobs. This marked ARC's continued support following their initial $100 million investment in September 2021, which expanded Silfab's Washington facility. The company reported growth of more than 40% since ARC's initial investment, positioning it to meet demand for domestically manufactured solar products amid efforts to reshore the U.S. PV supply chain. Silfab emphasized its 40 years of experience in the solar industry and focus on residential and commercial products with increasing domestic content for lower carbon footprints. The new facility addressed constraints in the U.S. solar value chain, particularly cell production. Subsequent developments included a $100 million financing in late 2024 ($50 million equity led by ARC and existing co-investors, plus $50 million green loan) to scale the Fort Mill, South Carolina cell and module plant to 1 GW cells and 1.2 GW modules. Silfab also received a $5 million U.S. Department of Energy grant in May 2024 and a $20 million innovation award for next-generation solar cells. |
Who has invested in Silfab Solar?
6 investors have backed Silfab Solar across its funding rounds, including ARC Financial, BDC Capital, CPP Investments, Common Fund, Manulife and Ontario Power Generation.
Lead investors include ARC Financial.
Silfab Solar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Calgary | 2 | Lead | Mar 2023 | |
| Toronto | 1 | Participant | Mar 2023 | |
| Toronto | 1 | Participant | Mar 2023 | |
| Toronto | 1 | Participant | Mar 2023 | |
This data is available for Pro users. Sign up to see all 6 Silfab Solar investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSilfab Solar Competitors
Silfab Solar competitors include listed companies like GE Vernova, Vestas, First Solar and Hyosung Heavy Industries, and private ones like Adani New Industries and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $38B | $3.2B | $246B | 5.4x | |
 Ahmedabad | Private | - | - | $50B | - | |
 Denmark | Publicly listed | $22B | $2.6B | $32B | 1.3x | |
| United States | Publicly listed | $5.2B | $2.1B | $22B | 4.0x | |
 South Korea | Publicly listed | $4.3B | $533M | $19B | 4.0x | |
 Berlin | Private | $1B | $24M | $2.5B | - |
Silfab Solar Public Comps
Silfab Solar is still privately-owned, but its public comps include GE Vernova, Iberdrola, Siemens Energy, China Yangtze Power, Constellation Energy, Bloom Energy, SLB, Baker Hughes, Vistra and Sandvik.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $2B | ($14M) | 40.9x | 23.7x | (5906.9x) | 112.5x | |||
| $36B | $7B | 2.4x | 2.4x | 12.5x | 10.6x | |||
| $28B | $4.3B | 2.0x | 2.0x | 13.3x | 11.3x | |||
This data is available for Pro users. Sign up to see all Silfab Solar competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Silfab Solar
| When was Silfab Solar founded? | Silfab Solar was founded in 2010. |
| Where is Silfab Solar headquartered? | Silfab Solar is headquartered in Toronto, Canada. |
| Is Silfab Solar publicly listed? | No, Silfab Solar is a private, VC-backed company. |
| How much funding has Silfab Solar raised? | Silfab Solar has raised $175M across 2 funding rounds. |
| What was Silfab Solar's last funding round? | Silfab Solar's last funding round was a $50M undisclosed-stage round in November 2024, led by ARC Financial. |
| Who are Silfab Solar's investors? | Silfab Solar's investors include ARC Financial, Ontario Power Generation, CPP Investments, Manulife, BDC Capital and Common Fund. |
| Which companies are comparable to Silfab Solar? | Companies comparable to Silfab Solar include GE Vernova, Adani New Industries, Vestas, First Solar, Hyosung Heavy Industries and Enpal. |
See companies similar to Silfab Solar
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="28" height="28" viewBox="0 0 28 28"><rect fill="%23e5e7eb" width="28" height="28" rx="6"/></svg>){kind=small}
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.