Solar industry-focused recycling startup SOLARCYCLE announced it has raised $30 million in Series A funding for a total of $37 million since its founding a year ago.

The funding was led by real estate tech asset manager Fifth Wall, and HG Ventures, the corporate venture arm of The Heritage Group. The round also included Prologis Ventures and existing investors Urban Innovation Fund and Closed Loop Partners. Solarcycle received an initial $6.6 million seed investment in May 2022.

The funds, which include company equity and infrastructure financing, will be used to scale the company’s growth in solar panel recycling capacity and expand materials remanufacturing capabilities.

The infrastructure financing, provided by Fifth Wall, will be used for SOLARCYCLE’s Odessa, TX factory.

Founded in 2022 and based in Oakland CA, SOLARCYCLE said it is on track to install capacity to recycle one million solar panels per year by the end of 2023, with plans to open a recycling factory in 2024 capable of processing millions of panels annually.

“When I co-founded SOLARCYCLE in 2022, I knew the moment was right to build an industry-backed advanced technology solution to recycling solar panels that ensures that valuable materials go back into the domestic supply chain,” said Suvi Sharma, SOLARCYCLE Co-Founder and CEO.

Solar panels have a lifespan of 25 to 30 years, but they contain valuable metals, including silver and copper. With a surge of expired panels expected soon, companies are emerging that seek to recycle the reusable materials and keep the panels out of landfills.