LGCY Power Expands Residential Solar Business Through National Homebuilder Partnerships

Vestas is proud to announce the following order as part of our Q1 order intake:

Vestas | www.vestas.com 

A leading solar racking company has announced plans for a significant expansion in Northwest Ohio. APA Solar, based in Ridgeville Corners, Henry County, will build a new headquarters at that location and also open a new manufacturing facility in Bryan, Williams County. The company will invest $19.5 million and hire 133 people as part of the expansion. Construction for the new 30,000 square-foot headquarters will begin soon, with completion expected in early 2026.

APA Solar was founded in 2008 as a spin-off of its automotive parent company, Alex Products. The company has grown into an industry leader with its unique solutions and now has more than 200 employees, having established itself as one of the largest fixed-tilt racking manufacturers in the United States.

“The renewable energy industry is growing rapidly and APA continues to grow with it. APA has been in business 17 years and is one of the top manufacturers in the solar racking hardware space. Northwest Ohio has been a great location for APA due to the large amount of local manufacturing to help support our supply chain, along with great skilled employees.”

– Josh Von Deylen, CEO, APA Solar

The company has made numerous investments over the years into its Northwest Ohio operations. Just two years ago, APA Solar invested more than $10 million to upgrade, expand and modernize its Henry County facility, a project which led to the addition of 110 new jobs. That expansion included construction of a state-of-the-art engineering complex.

“We understand the value Northwest Ohio offers our company,” Von Deylen said. “This region has a strong work ethic with much talent. We enjoy being part of the community we live and work in.”

The company complimented the collaborative efforts of local, regional and state economic development groups in moving the project forward, including JobsOhio, the Regional Growth Partnership, Henry County Community Improvement Corporation and Williams County Economic Development Corporation.

“APA Solar’s investment in people and capital strengthens Ohio’s reputation as a national leader in our nation’s production supply chain. As a homegrown company, APA Solar’s decision to expand in Northwest Ohio shows how our state’s skilled workforce, supportive manufacturing environment, and strong business climate converge to create opportunities for long-term success.”

– J.P. Nauseef, JobsOhio President and CEO

Construction on the new headquarters will begin later this year. The company is expected to begin operations in Bryan this summer.

APA Solar | https://apasolar.com/

Early Quarter Spike & Stabilization 

Our last quarterly report highlighted data through November 2024, when pricing steadily declined from the summer highs of 28 cents per watt. This report covering November through February notes that prices had dropped near record lows of 25 cents per watt in December. However, between December and January, prices experienced a 4% increase. This spike occurred as the market recalibrated its pricing in response to the new Trump-era tariff policies—forcing the market to reset its expectations after months of gradual declines. As uncertainty over future tariff adjustments and policy debates grew by February, prices appear to have leveled off. Despite a modest 2% increase since November, the market continues to navigate complex shifts driven by evolving trade policies and buyer caution.

It’s important to note that Section 201 tariffs are now fully integrated into our module pricing, reflecting standard industry practice; as a result, a separate chart on this impact isn’t included. 

Module Technology Insights 

Mono PERC 

Suppliers of Mono PERC technology have benefited from recent market shifts, particularly in light of the ongoing TOPCon patent litigation among several Tier-1 suppliers. Concerns over potential disruptions in TOPCon availability and the possibility of retroactive fines have driven some buyers to consider Mono PERC modules more favorably, pushing prices up to 25 cents per watt—a 4.2% increase since November. However, it is important to note that although domestic cell providers have reacted strongly to these litigation risks, many buyers still view the overall risk as low. As such, while litigation influences supplier dynamics and reduces domestic options, it should not be the sole factor guiding purchasing decisions. 

TOPCon 

Median TOPCon module pricing has remained steady at 26 cents per watt from November to February. Historically, TOPCon’s performance justified a price premium. Despite ongoing discussions around potential retroactive fines from litigation, many buyers continue to value TOPCon’s superior performance. Although market sentiment has shifted slightly—with pricing now aligning more closely with Mono PERC—the overall risk from litigation is seen as relatively low by most buyers. This suggests that while legal issues may factor into decision-making, they are not causing a widespread avoidance of TOPCon technology. 

HJT 

Heterojunction technology (HJT) module pricing has decreased by 2.9% since November, reflecting the price pressures of the more mature Mono PERC and TOPCon module technologies. HJT manufacturers are likely testing their pricing, finding the price point that matches the benefits of higher efficiency, lower temperature coefficients, and reduced performance loss in colder conditions offered by these modules. 

Cell Origin Impacts 

Cell origin has emerged as a significant determinant of module pricing. Modules with cells sourced from designated tariff-affected countries in Southeast Asia (Cambodia, Malaysia, Thailand, and Vietnam) saw a sharp 7.7% price increase since November, driven by tariff implications that directly inflate procurement costs. Meanwhile, non-Southeast Asian cell modules experienced a 0.8% decrease in pricing, reflecting competitive pricing dynamics as buyers pivot toward sources less impacted by tariffs. This increased spread between Southeast Asian and non-Southeast Asian cell pricing highlights the sensitivity of market pricing to geopolitical trade policies, with buyers rethinking sourcing strategies to mitigate risks and strategically diversify. 

The first quarter of 2025 highlights the complex interplay of policy, litigation, and technology evolution in the solar module market. While overall volatility remains moderate, the underlying dynamics illustrate significant strategic shifts: buyers responding rapidly to legal risks, manufacturers navigating tariff-induced uncertainties, and emerging technologies steadily gaining market traction. Understanding these nuanced forces is crucial for stakeholders aiming to optimize their development and procurement strategies. 

The data in this report represents median DG list prices from over 35 module vendors participating in the Anza platform, which captures over 95% of the U.S. module supply. Contact our Anza team for deeper insights, including negotiated and transaction pricing for DG & utility-scale and extensive data on domestic content, tariff exposure, technical specifications, and supplier contract terms. 

Talk to our team today to learn how Anza's comprehensive market data can inform your solar development and procurement strategy. 

Anza Renewables | https://www.anzarenewables.com/ 

Nouveau Monde Graphite Inc.’s (“NMG” or the “Company”) (NYSE: NMG, TSX: NOU) filed its financial reports for the 2024 period, a year marked by the attainment of significant commercial, technical, and corporate milestones in the development of the Company’s ore-to-active-anode-material business model. With the issuance of the NI 43-101 Updated Technical Feasibility Study Report for the Matawinie Mine and Bécancour Battery Material Plant Integrated Graphite Projects (the “Updated Feasibility Study”), NMG is entering its project financing stage to reach the final investment decision (“FID”). The Company’s Anchor Customers, Panasonic Energy Co., Ltd. (“Panasonic Energy”), a wholly owned subsidiary of Panasonic Holdings Corporation (“Panasonic”) (TYO: 6752), and General Motors Holdings LLC, a wholly owned subsidiary of General Motors Co. (collectively, “GM”) (NYSE: GM), along with institutional equity investors and potential lenders are already active with the project financing stage.

Arne H Frandsen, Chair of NMG, said: “NMG’s business model is rooted in the clean energy transition, striving to capitalize on Western economies’ growing appetite for critical minerals, local and ESG-compliant supply chains, as well as reshoring manufacturing capacity. Offtake agreements and equity investments from Anchor Customers coupled with placements from key shareholders and governmental funds have propelled our development this year. We are now moving toward FID to bring to commercial production one of North America’s first and largest fully integrated graphite production of active anode material.”

Eric Desaulniers, Founder, President, and CEO of NMG, declared: “2024 has been a year of unprecedented collaboration; I thank all those who contributed to our success. From derisking our projects and technologies to securing long-term collaboration with the Atikamekw First Nation, Panasonic and GM, we have laid a strong foundation on which to build our Phase-2 Matawinie Mine and Bécancour Battery Material Plant. Market conditions create a favorable landscape for our transition to commercial operations; we are eager to crystallize our project financing and construction plans.”

NMG’s 2024 Annual Report can be consulted at https://nmg.com/wp-content/uploads/2025/03/NMG-2024-Annual-Report.pdf

Roadmap to FID

Following active engineering, advancement in project design, refinement of technological, and updated financial modeling, the Company issued results of the Updated Feasibility Study. The study demonstrated NMG’s Phase-2 technical and economic viability, enabling the Company to enter its project financing stage with a view to FID.

The Company provides notice that the Updated Feasibility Study, with an effective date of March 25, 2025, has been filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, and with the United States Securities and Exchange Commission. It is available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov) and on NMG’s website.

The Updated Feasibility Study, which includes adjusted capital and operating expenditures, now enables NMG to enter its project financing stage in preparation for FID. To date, the Company has received cumulative expressions of interest from potential lenders, institutional equity investors and equity commitment of Anchor Customers for approximately $1.6 billion for its Phase-2 project financing. The Company is set to present to said financial partners the results of the Updated Feasibility Study, on-going due diligence exercises, and information on the project execution strategy and risk management, with a view to formalize their participation in the project financing.

The Updated Feasibility Study was among the key deliverables to GM and Panasonic to ensure that contractual components are aligned prior to launching Phase-2 construction and meeting all conditions of the Anchor Customers’ offtake obligations and additional equity subscription commitments. The Company and its Anchor Customers are working collaboratively toward FID and are in discussions to update the project timeline, including the satisfaction of the condition precedents and other project-related agreements.

As the Company advances financing and commercial activities, engineering, procurement, and construction preparation progress in parallel with NMG’s integrated project team. Detailed engineering of the Matawinie Mine support the preparation of purchase orders for vendor engineering and long-lead items. Additional procurement activities are being deployed in preparation of the first construction packages now ready for tendering, including direct meetings with local and Indigenous businesses representatives to document the capacity, service offerings, and availability of businesses in the region.

The Bécancour Battery Material Plant is now moving to detailed engineering, leveraging expertise from specialized consultants in graphite processing and seeking to refine environmental performance and operational parameters for the chemical purification technology. The procurement strategy for key technical expertise, specialized equipment, and long-lead items is progressing correspondingly.

Construction preparation is also advancing to outline the execution plan, detailed construction sequence and schedule, contracting strategy, as well as health and safety, environment, and quality programs. Following preparatory works, Phase-2 sites are ready for the start of construction, upon a positive FID, project financing, and construction authorizations.

Corporate & ESG Development

In January 2025, the Company uplisted to the Toronto Stock Exchange upon having met the necessary listing requirements

The Company is committed to the safe and responsible conduct of operations. For the twelve-month rolling period ended December 31, 2024, NMG reported a total recordable injury frequency rate (“TRIFR”) of 1.78 and severity rate of 2.67 at the Company’s facilities. In 2024, NMG maintained its track record with no major environmental incidents.

NMG has taken concrete steps to avoid, reduce, and fully offset its GHG emissions, confirming its carbon-neutral status and mapping its intended transition to Net Zero by 2030 (Scope 1, Scope 2, and some Scope 3 emissions). For 2024, the Company reports GHG emissions of 583 tonnes of CO2equivalent for carrying out its operations at its Phase-1 demonstration plants and corporate offices. NMG has purchased and retired VCS-certified carbon credits to offset this balance.

The Company ended the year with a cash position of $106 million.

Market Perspectives

Market conditions remain favorable to NMG’s business strategy as clean energy solutions continue to expand and manufacturers seek to secure critical materials close to their Western production facilities to reduce geopolitical risks, ease transportation and inventory management, and build resilience.

While growth varied across geographies in 2024, the global EV market saw a 25% year-over-year increase in sales (Rho Motion, January 2025), with a record 1.3 million units sold in the U.S. (Bloomberg, January 2025). Early 2025 data aligns with this megatrend, tallying a 22% year-over-year growth in the U.S. and Canada, and 18% in Europe thereby outpacing China (Reuters, February 2025). NMG’s customer GM reported significant progress on its EV strategy with rising sales (50% increase in the U.S., 109% increase in Canada) and doubled market share (GM, January 2025).

In parallel, renewable energy storage experienced sizable growth, supported in part by more than $2 trillion investments in the energy transition (BloombergNEF, January 2025). Some 205 GWh of storage were deployed globally in 2024 – a 111% year-over-year increase – with over 1 TWh planned of new capacity in the production pipeline by 2027 (Rho Motion, January 2025).

Market expansion in EVs and energy storage drives increased demand for battery production, and thus, battery materials. Graphite-based anode constitutes the standard across all lithium-ion battery chemistries; making graphite the most important material in batteries. Natural active anode material demand grew by 34% in 2024 with demand expected to reach 10,701,000 tpa in 2030 to supply the forecasted battery capacity of 9,584 GWh (Benchmark Mineral Intelligence, February 2025). NMG’s customer Panasonic Energy was the fourth largest cell supplier by battery capacity deployed in 2024 (Adamas Intelligence, February 2025).

Geopolitical measures targeting strategic trade activities are contributing to significant changes in the graphite market dynamics. Indeed, the International Energy Agency identified graphite as the most at-risk battery mineral due to the geographical concentration of mining and refining, the supply/demand balances, and the export risks of major suppliers (IEA, Global Critical Minerals Outlook 2024).

Reliability and resilience of supply chains are central to enabling the development of cleantech production in the Western World. NMG is positioned to capitalize on governments’ efforts to reshore manufacturing, secure the critical minerals needed, and reduce dependencies on competing economies. NMG’s customer Panasonic Energy reiterated its plans to build localized supply chains for its North American production (Reuters, January 2025).

Expanding on graphite export restrictions initiated in 2023, the Chinese Ministry of Commerce introduced additional controls on graphite including the ban of dual-use item exports for U.S. military and stricter end-use reviews (Fastmarkets and Benchmark Mineral Intelligence, December 2024). All the while, the Trump Administration declared a “National Energy Emergency” and pointed to insufficient critical minerals mining and processing to support key energy and economic sectors (The White House, Declaring A National Energy Emergency Executive Order, January 2025). As part of its protectionism policies, the administration announced tariffs on goods imported into the U.S., namely 10% for critical minerals from Canada, and a general 20% additional to the existing 25% for graphite from China (total 45%). The U.S. International Trade Commission is investigating trade activities following a petition from the American Active Anode Material Producers seeking antidumping and countervailing duties on Chinese imports (Bloomberg, January 2025).

Nouveau Monde Graphite | www.nmg.com

Stryten Energy LLC, a U.S.-based energy storage solutions provider, announced a new plan expected to expand its domestic manufacturing capacity to 24 Gigawatts to support American energy security and resilience. The plan focuses on increasing production across its 11 U.S. manufacturing and battery component plants, where more than 2,500 people produce batteries for multiple applications, including military and government, data centers, grid storage, automotive and material handling. This new investment is supported by existing advanced manufacturing production tax credits, which contribute to the ability of the company to accelerate capacity growth while supporting the domestic industrial base.

"Stryten Energy is committed to growing its domestic energy storage capacity to serve the needs of our customers and partners in the United States," said Mike Judd, President and Chief Executive Officer of Stryten Energy. "The path to American energy security can and must rely upon domestic companies like Stryten, who manufacture batteries that keep supply chains running and critical infrastructure supplied with the backup power required to keep their operations running smoothly. Our investments to significantly increase the gigawatt capacity across our footprint will help to support the growing energy demand and achieve our nation's goal of true energy resilience."

Energy security means continuous access to reliable sources of power, and meeting the increasing power demands will require scaling up the production of all reliable battery chemistries. Stryten is at the forefront of advancing energy storage in the U.S. with a unique suite of domestically manufactured battery solutions that use advanced lead, lithium and vanadium redox flow battery technology. With plants in Kansas, Georgia, Iowa, Virginia and Arkansas, plans for increasing the gigawatt production capacity will bring hundreds of high-paying manufacturing jobs and deliver a positive economic impact to the surrounding communities.

Stryten operates a domestic, vertically integrated supply chain that provides battery components to its factories and the broader U.S. battery manufacturing industry. The company's plants in Pennsylvania, New York, Indiana, Missouri and Wisconsin ensure a reliable U.S. source for critical materials needed to manufacture batteries. This aggressive new investment plan will also include increasing its domestic processing capacity of recycled plastic from spent batteries, which is used to produce the new battery components needed to manufacture batteries used in automobiles, forklifts and locomotives and contributes to the sustainable circular economy of the U.S. battery industry.

Stryten also recently opened a lithium battery assembly plant in Georgia that supports military and industrial battery needs with its proprietary lithium module technology. The company is partnering with Dragonfly Energy, headquartered in Reno, Nevada to bring advanced lithium batteries to its automotive aftermarket and battery distributor partners.

Stryten recently announced the launch of Storion Energy LLC by one of its affiliates, Stryten Critical E-Storage LLC, with a subsidiary of Largo Inc. (NASDAQ, TSX: LGO) and Largo Clean Energy Corp. (LCE). Storion Energy is focused on removing the barriers to entry for battery manufacturers to domestically source price-competitive electrolytes used in vanadium redox flow batteries (VRFB) for long-duration energy storage (LDES) applications in the U.S.

Stryten Energy | stryten.com

Sion Power, a leader in next-generation lithium-metal battery technology, has taken a significant step toward commercializing its Licerion battery technology with the installation of a new large-format battery cell production line, developed in partnership with Mühlbauer Group. These cells are critical demonstration tools, showcasing the scalability of Sion Power's proprietary lithium-metal anode technology for EV manufacturers.

Sion Power's proprietary, patented Licerion technology addresses the most significant barriers to mass EV adoption ‒ range, cost, and charge time. Unlocking the potential of lithium metal, Licerion doubles energy density, surpassing graphite and silicon anode solutions, and is expected to reduce the cost of a 200 kWh pack by 35% through a 15% cut in cell material costs and a 20% reduction in cell count. It also enables charge times comparable to a gas station's 8-minute average refuel time.

Compared to traditional lithium-ion batteries, Licerion® batteries offer twice the energy in the same size and weight. With over 400 Wh/kg, Licerion batteries are produced at scale in large-format cells and will enhance commercial and consumer electric vehicles' performance significantly.

Scaling Production for Large-Format Lithium-Metal Cells

The state-of-the-art production line will produce large-format battery cells exceeding 50 amp-hours. It is a critical milestone in advancing its Licerion technology to meet automotive standards.

"The ability to scale performance from small prototype cells to large-format cells is often where battery technologies face the greatest challenge," said Tracy Kelly, Sion Power president. "Our new manufacturing line bridges that gap, demonstrating the capability of our lithium-metal battery technology in formats applicable to real-world applications."

The new fully automated manufacturing line will be capable of producing 75MWh of 56 Ah lithium metal cells annually.

Until now, Sion Power used an automated assembly line to produce a variety of cell formats, including lab-scale and six-amp-hour cells, while using a semi-automated line for larger-format cells. Adding the new line significantly enhances production efficiency and quality control for larger-format cells, which are essential for validating performance, cycle life and manufacturability at scale.

The new line serves multiple purposes, including:

• Technology Development: Supporting Sion Power's continued innovation and testing across various cathode chemistries.
   
• Joint Development Efforts: Providing high-capacity cells for strategic partners conducting their own testing.
   
• Customer Validation: Supplying potential commercial partners with large-format cells to evaluate Licerion® technology in relevant applications.

"At Mühlbauer, we proudly support Sion Power in scaling its innovative Licerion technology with our advanced battery production solutions. Our strong commitment to the market, highlighted by an investment of more than 100 million euros in the last five years, allows us to partner with cutting-edge, next-generation battery companies such as Sion Power," said Josef Markus Mühlbauer, CEO of Mühlbauer Group. "With that said, I would like to congratulate Sion Power on achieving their next milestone, and I wish them great success in positioning their batteries in the market with our fully automated Li-metal battery cell assembly line."

Sion Power's new production line is a significant improvement over previous semi-automated processes, increasing throughput and enhancing stacking, sealing, and anode preparation precision.

"Our Licerion technology unlocks the potential of lithium metal to leapfrog current graphite and silicon anode solutions," said Pam Fletcher, Sion Power CEO. "With this new cell production capability, we will provide large-format test cells with both LFP and NMC cathodes for our U.S. and global customers, including our strategic partners like LGES as well as global battery cell manufacturers and automotive OEMs, at a much higher rate while maintaining the quality standards required for next-generation battery development. This is a significant step in developing lithium metal chemistry and helps ensure we will be volume production-ready in 2028."

Strengthening Leadership to Drive Commercialization

To accelerate its growth further, the company has also expanded its leadership team with the appointments of Liz Rojewski as chief operating officer (COO) and Mitch Hourtienne as chief commercial officer (CCO).

• Liz Rojewski - A veteran of legacy automotive enterprises and startup environments, including General Motors, BrightDrop, and Cruise, Rojewski will oversee program execution and operational efficiency to accelerate Sion Power's path to commercialization. She was pivotal in launching Cruise Origin, BrightDrop's Trace eCart, and GM's service parts and remanufacturing initiatives.
• Mitch Hourtienne - With over 25 years of experience bringing automotive technology to market, Hourtienne will lead customer engagement, partnerships, and supply chain strategy. Previously, as CCO at Cepton, he secured a landmark lidar supply contract with General Motors, contributing to Cepton's IPO and acquisition by Koito Manufacturing.

Sion Power | www.sionpower.com

Mühlbauer | www.muehlbauer.de

Hecate Energy has selected PEC Construction Management ("PEC") to provide on-site construction representation services for Cider Solar Farm, the largest solar energy project in the State of New York. Upon completion, the 674 MWdc, 500 MWac utility-scale solar project will generate enough clean energy to power over 120,000 New York homes, create hundreds of jobs in Genesee County, and contribute approximately $28.1 million in construction labor wages while creating employment opportunities for those in various local industries and trades.

Construction has commenced and PEC has begun mobilizing to the project site, where its team of best-in-class professionals will provide Hecate Energy on-site construction oversight, monitoring risk, and mitigation services throughout the build.  

"We are honored to have been chosen by leading developer Hecate Energy to oversee the construction of this monumental project in support of New York's renewable energy goals. Our dispatched team that specializes in various disciplines including HV/MV electrical, transmission, substation, civil and mechanical, is dedicated to setting a high standard of compliance that may serve as a model for similar projects throughout the state to follow," said Eddie Pease, PEC Construction Management's Founder and Principal.

"We are delighted to partner with PEC, who brings significant experience in representing developers throughout the construction of large, challenging renewable energy projects such as Cider Solar Farm, with a primary function to ensure the project remains safe, compliant, and on target and in line with Hecate's and its finance partner's high standards," said Fazli Qadir, Hecate Energy Chief Technology Officer and Executive Vice President of Engineering, Procurement, and Construction.

PEC Construction Management | www.pec-cm.com

Hecate Energy | www.hecateenergy.com