Octo Capital, Audrose Capital Partners and affiliates of Antarctica Capital are funding DYCM's first solar module factory, built to meet FEOC requirements and backed by more than 1.2 GW of secured orders.
DYCM Solar Modules Holdings, LLC (DYCM) announced the second-quarter closing of a funding round led by Octo Capital, Audrose Capital Partners and affiliates of Antarctica Capital. The capital will finance construction of the manufacturer’s first solar module factory as well as broader business expansion, with more than one gigawatt (GW) of annual capacity compliant with FEOC (Foreign Entity of Concern) rules expected to be in place by the end of 2026. The deal comes as global solar capacity demand accelerates, illustrated by the 360 MW Sundown solar-storage project approved in New South Wales and the 720 MW back-contact solar deployment led by TCL Solar in Australia. The company says it already has more than 1.2 GW of firm orders on the books.
DYCM plans to house all of its production lines in a new 150,000-square-foot facility in Livermore, California, built to meet rising demand for U.S.-made solar modules. The first production line, based on heterojunction (HJT) technology, is expected to begin commercial shipments in the fourth quarter of 2026. This industrial expansion is part of a broader push to secure solar supply chains, exemplified by three 57 MWac plants completed by Zelestra in Spain for Tesla. According to several investors, electricity demand, driven largely by the buildout of artificial intelligence infrastructure, is colliding with a structural shortage of domestic clean energy production capacity in the United States.
DYCM is among the first U.S. silicon solar module manufacturers to meet FEOC rules, officially known as the “Prohibited Foreign Entity” restrictions under the One Big Beautiful Bill Act, which govern eligibility for federal clean energy tax credits. As U.S. policy increasingly ties incentives to supply chains free of prohibited foreign ownership or control, FEOC compliance has become a central purchasing criterion for utility-scale and commercial solar module buyers. According to the company, its modules could account for up to 50% of the Domestic Cost Percentage, helping developers secure the 10% Domestic Content Bonus. DYCM also estimates that its modules comply with the requirements of the Build America, Buy America Act.
Sriram Das, chief executive officer of DYCM, said the California facility will produce one gigawatt of annual capacity of FEOC-compliant modules, with more than 1.2 GW already under contract. Fred Bronstein, of Octo Capital and a DYCM board member, said electricity demand, driven largely by the buildout of artificial intelligence infrastructure, is colliding with a structural shortage of domestic clean energy in the United States. According to him, DYCM sits at the intersection of the energy transition, AI-driven demand and a policy backdrop designed to reward domestic manufacturing.
Justin Landau, managing partner of Audrose Capital Partners and a DYCM board member, described a durable, demand-backed opportunity at the intersection of consumer and infrastructure markets. Philipp Klingelhofer, of Antarctica Capital, said diversified physical infrastructure and supply chains in the United States are foundational to continued economic growth and national security priorities, including AI-related developments. As the California facility becomes operational and additional lines are developed, DYCM expects to scale production capacity in step with its order pipeline.
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