SUNation Energy Inc. (NASDAQ:SUNE) stock jumped nearly 26% in Wednesday premarket trading. The move followed a major capital raise tied to U.S. solar manufacturing expansion.
SUNation stock is in focus after its pending merger partner, Suniva, said Tuesday it completed an $835 million capital raise to fund a major expansion of U.S. solar cell manufacturing.
Suniva raised the capital through debt and equity financing. Investors and lenders included Lion Point Capital, Goldman Sachs Alternatives, I Squared Capital, JBA Asset Management, Electron Capital Partners, Orion Infrastructure Capital and Rubric Capital Management.
Solar Capacity Set To Jump
The financing will support Suniva’s second U.S. solar cell manufacturing plant. The 4.5-gigawatt facility is under development in Laurens County, South Carolina.
