Silicor Materials Funding, Investors & Competitors

Silicor Materials has raised $111M across 2 funding rounds, most recently a $105M undisclosed-stage round in September 2015.

Last Silicor Materials funding round

$105M

Undisclosed stage · Sep 2015

Cumulative funding Silicor Materials raised

$111M

across 2 funding rounds

Key investors in Silicor Materials

  • Hudson Sustainable Group

Silicor Materials Overview

About Silicor Materials

Silicor Materials is a Moses Lake-based producer of solar-grade silicon founded as Calisolar in 2008 and rebranded in 2012. It operates purification plants in Ontario, Canada, and an R&D center in Berlin, Germany, yielding polysilicon via fluidized bed reactor technology costing 30% below Siemens process peers. The facility produces 10,000 metric tons annually for photovoltaic wafer manufacturers in Asia and Europe.


Founded

2006

HQ

United StatesSan Jose, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Silicor Materials Funding History

Silicor Materials has raised a total of $111M across 2 funding rounds.

Silicor Materials' first fundraising round was a $6M Series F in September 2013. The most recent completed round was a $105M undisclosed-stage round in September 2015.

Silicor Materials funding rounds

Silicor Materials funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2015Undisclosed stageHudson Sustainable Group$105MSilicor Materials is a manufacturer of high-quality solar silicon and aluminum by-products using a proprietary metals-based process that consumes two-thirds less energy than traditional methods and requires no toxic chemicals. The company secured $105 million in equity capital commitments in September 2015, including from Hudson Clean Energy Partners and Icelandic pension funds, to finance construction of its first plant in Iceland, expected to start mid-2016 and position Silicor among the top six solar silicon manufacturers by volume with industry-leading costs. The plant targets 16,000 metric tons per year of solar silicon for PV wafers and cells achieving high conversion efficiencies. Silicor has secured sales commitments and letters of intent equivalent to approximately 75 percent of the plant’s annual production capacity from leading global solar module manufacturers. It also finalized supply arrangements with global aluminum leaders for premium aluminum alloys by-products and polyaluminium chloride (PAC) for the water treatment market. Centra Corporate Finance advised on the equity raise, with guidance from Hudson. Prior funding included a $6M investment from Hudson Clean Energy Partners in 2013 to support operations ahead of a larger capital raise, and a $4M tranche of a $10M VC debt round. Overall, Silicor raised about $384M across 14 rounds by 2015, with the latest being the $105M private equity round on September 16, 2015. The company was developing the world's largest upgraded metallurgical-grade (UMG) polysilicon plant in Iceland but required additional funding beyond this round.
Sep 2013Series FHudson Sustainable Group (lead)$6MSilicor Materials, a manufacturer of high-quality solar silicon and aluminum by-products, received $6 million in funding from existing investor Hudson Clean Energy Partners on September 4, 2013. The company's proprietary technology produces solar silicon for photovoltaic wafers and cells with conversion efficiencies exceeding 17 percent, positioning it as a cost-competitive supplier to PV module manufacturers operating on minimal margins. Silicor's silicon purification operations are based in Ontario, Canada, with a research and development center in Berlin, Germany. The company engaged Robert W. Baird & Co. as its investment banker to assist with the capital raise. Mark Pinto, former executive vice president at Applied Materials, joined Silicor's board as part of this funding round, bringing extensive experience in solar energy business development and manufacturing equipment.

Who has invested in Silicor Materials?

1 investor has backed Silicor Materials across its funding rounds, including Hudson Sustainable Group.

Lead investors include Hudson Sustainable Group.


Silicor Materials Investors

Investors in Silicor Materials by funding rounds participated
InvestorHQRoundsRoleFirst check

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Silicor Materials Competitors

Silicor Materials competitors include listed companies like GE Vernova, Iberdrola, China Yangtze Power and Constellation Energy, and private ones like Adani New Industries and Helion Energy.

Public and private companies comparable to Silicor Materials
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GE VernovaUnited StatesUnited StatesPublicly listed$38B$3.2B$246B5.4x
IberdrolaSpainSpainPublicly listed$51B$17B$158B4.3x
China Yangtze PowerChinaChinaPublicly listed$13B$11B$104B11.3x
Constellation EnergyUnited StatesUnited StatesPublicly listed$26B$5B$93B3.8x
Adani New IndustriesIndiaAhmedabadPrivate--$50B-
Helion EnergyUnited StatesSeattle, WAPrivate--$16B-

Silicor Materials Public Comps

Silicor Materials is still privately-owned, but its public comps include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Vistra, ACWA Power, Vestas, Ørsted, Gulf Development and Huaneng Lancang River.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
Iberdrola$51B$17B4.4x4.3x13.2x11.8x
China Yangtze Power$13B$11B11.4x11.3x13.9x14.4x
Constellation Energy$26B$5B4.6x3.8x23.5x15.3x
Vistra$18B$5B4.0x3.3x13.9x10.2x
ACWA Power$2B$1.1B22.3x19.9x41.9x36.4x
Vestas$22B$2.6B1.4x1.3x11.9x10.1x
Ørsted$9.8B$2.9B3.6x2.8x11.9x8.1x

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Common questions about Silicor Materials

When was Silicor Materials founded?Silicor Materials was founded in 2006.
Where is Silicor Materials headquartered?Silicor Materials is headquartered in San Jose, CA, United States.
Is Silicor Materials publicly listed?No, Silicor Materials is a private, VC-backed company.
How much funding has Silicor Materials raised?Silicor Materials has raised $111M across 2 funding rounds.
What was Silicor Materials' last funding round?Silicor Materials' last funding round was a $105M undisclosed-stage round in September 2015.
Who are Silicor Materials' investors?Silicor Materials' investors include Hudson Sustainable Group.
Which companies are comparable to Silicor Materials?Companies comparable to Silicor Materials include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Adani New Industries and Helion Energy.

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