TALON PV, a company specialising in the production of high-efficiency photovoltaic (PV) solar cells, has agreed to sell a minority stake to T1 Energy.
As a part of this agreement, T1 has finalised a simple agreement for future equity, to acquire a minority ownership interest in TALON PV.
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The proceeds generated from the deal will support the high-efficiency tunnel oxide passivated contact (TOPCon) solar cell manufacturing project, which is being developed by TALON PV in Baytown, Texas, US.
The project aims to create a 4.8GW solar cell manufacturing facility, enhancing the domestic production capabilities of the US.
The TALON PV Baytown project is anticipated to reach commercial availability in the first quarter (Q1) of 2027.
The facility will produce n-type TOPCon cells, a leading PV technology.
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By GlobalDataThis initiative aligns with national objectives for domestic energy security and ensuring compliance with non-foreign entity of concern standards.
The project has obtained $97.1m in tax incentives from both state and local governments.
Based in Houston, Texas, Eagle Group, a venture capital company, fully funded TALON PV before the T1 equity partnership.
TALON PV is in the process of finalising its capital structure with multiple partners and is also seeking opportunities to strengthen strategic collaboration with T1 Energy.
Marathon Capital served as TALON PV’s sole financial advisor for the transaction.
TALON PV co-founder and CEO Adam Tesanovich said: “This milestone with T1 Energy marks a pivotal step in TALON PV’s journey to scale US solar cell manufacturing. The investment validates our technology roadmap and strengthens our commercial foundation as we move into project financing.
“With Marathon Capital’s continued support, TALON PV is well-positioned to advance toward construction and deliver 4.8GW of high-efficiency US-made solar cells to the market by early 2027.”
Marathon Capital managing director Gerry Willinger said: “We are proud to have supported TALON in this milestone transaction with T1 Energy.
“Both companies share a vision for scaling advanced solar cell production domestically, which will help strengthen US energy security and create high-value manufacturing jobs in Texas.”
In February this year, TALON PV secured a licence for TOPCon cell manufacturing patents from First Solar.
