Solarcycle, a California-based company that recycles solar panels to produce sustainable materials for the solar industry, has raised USD 30 million in Series A funding, consisting of both equity and infrastructure financing led by Fifth Wall (a leading asset manager) and HG Ventures (the corporate venture arm of The Heritage Group). The round also included participation from Prologis Ventures and existing investors Urban Innovation Fund and Closed Loop Partners.

The company will use the funds to expand its solar panel recycling capacity and materials remanufacturing capabilities, advance its patented technology, increase partnerships with industry leaders, and build recycling infrastructure in the US and beyond. The infrastructure financing is also stated to provide asset-level equity capital for Solarcycle's Odessa, Texas, factory.

Founded in 2022, Solarcycle is a technology-driven platform that offers an eco-friendly and comprehensive process for retiring solar panels and technologies and repurposing them for new uses. The company claims its proprietary technology allows it to extract 95% of a solar panel's valuable metals such as silver, silicon, copper, and aluminum and recycle or repurpose panels currently in use. The company works with major US solar companies, including Sunrun, Silicon Ranch, and DEPCOM Power, and has a management team with experience scaling companies such as Amazon, SunPower, and Nextracker.