OnePlanet Solar Recycling announced it secured a $7 million seed financing round to support the development of a solar panel recycling facility in Green Cove Springs, Florida.
The $90 million facility is designed to process over 2 million end-of-life solar panels by 2027. By 2030, OnePlanet expects to process 6 million solar panels per year at the site.
In parallel with the equity raise, the company was awarded a $14.5 million Investment Tax Credit from the Department of Energy. The credits are made available via a competitive process under Section 48C(e) Advanced Energy Project Program created by the Inflation Reduction Act.
The initial phase of capital is expected to advance final engineering, permitting, and pre-construction activities for the facility.
The seed fund round was led by Khasma Capital, a circular economy and emerging energy transition asset-focused investment fund.
“This investment reflects our belief that solar module recycling is not only necessary – it is investable at scale, with durable tailwinds driven by regulation, economics, and resource security,” said Ashlynn Horras, partner at Khasma Capital.
The recycling facility will recover critical materials including silicon, aluminum, copper, and silver.
“Solar as an industry is now at an inflection point in its lifecycle, where we can’t simply install megawatts—we must also build the industrial capacity to recover and reintegrate the very materials that enable it. This facility will be a cornerstone of that effort,” said André Pujadas, chief executive officer of OnePlanet.
Founded in 2023, OnePlanet brings industry leader experience from Nucor, Goldman Sachs, Commercial Metals Company, PineGate Renewables, 3M, Koch Industries, Dow Chemical, Trina Solar, Array Technologies and Power Electronics.
A report by the EPA and IRENA forecasts globally by 2030 there will be 1 million tons of solar panels reaching end of life and by 2050 it will balloon to 10 million tons. Panels are often discarded in landfills rather than recycled due to a lower cost, but leading solar panel recyclers said recycling costs have dropped 42% in the last 36 months.
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