Endurans™ Solar, a leading manufacturer of advanced materials for solar photovoltaic modules, today announced a significant equity investment led by Riverbend Energy Group (“Riverbend”). The investment – from Riverbend’s Energy Transition Fund – will enable Endurans™ Solar to expand its domestic manufacturing footprint and meet the growing global demand for its unique portfolio of patented solar backsheets.
Backsheets are a critical component of solar modules, providing electrical insulation and protecting the solar cells from harsh climatic conditions – thus increasing both the lifetime and performance of the modules. The Endurans™ HP backsheet is a fully recyclable product that delivers superior protective properties thanks to a unique, lamination-free co-extrusion process and proprietary material stack. The Endurans™ CB is a conductive backsheet, specially designed to maximize the efficiency of back-contact solar modules – with added aesthetics and design flexibility. Endurans™ Solar manufactures its products in the U.S., Europe and China.
To meet rising global demand for these products, Endurans™ Solar announced in September 2022 a planned increase in domestic manufacturing capacity. The investment from Riverbend will support this expansion, with a new US-based production facility set to be announced later this year, as well as other strategic initiatives including further technology and new product development and commercialization.
Endurans™ Solar was created in 2021 when Worthen Industries (“Worthen”), a U.S. manufacturer of specialty adhesives, coatings, coated products, and thermoplastic extrusions, acquired the backsheet business of DSM Advanced Solar, a business unit of Dutch multinational Royal DSM. Worthen has made substantial investments in the business, and following the new investment by Riverbend, Worthen Industries will continue to contribute to Endurans’ growth going forward. Worthen will maintain a significant equity position in Endurans™ Solar and David Worthen, CEO of Worthen, will remain on the company’s Board of Directors.
“This marks a major milestone in support of our mission to enable clean solar energy through sustainable, high-performance backsheet technologies,” said Nathan Arbitman, President & CEO of Endurans™ Solar. “We are excited to welcome aboard Riverbend’s Energy Transition team. These experienced investors have an outstanding track record in growing and scaling companies within the broader energy transition markets.”
Eric Danziger, Managing Director at Riverbend, said, “Endurans™ Solar’s leading-edge technologies have proven their technical performance and market acceptance in recent years. Riverbend is excited about the growth potential in domestic solar manufacturing and believe that the Endurans™ Solar team and technology, coupled with the Worthen partnership, is well positioned to meet the global demand for solar energy. We are delighted to make this investment to support the continued growth of Endurans™ Solar, which has established itself as a leader in this space.”
“Endurans™ Solar has demonstrated great progress since Worthen Industries acquired the business,” said David Worthen. “The investment from Riverbend will enable Endurans to continue accelerating its growth, and we look forward to working with the team at Riverbend to make this a successful business for years to come.”