DYCM builds US solar manufacturing play amid policy shifts
In 2024, DYCM Power announced plans to develop a 6GW solar cell and module manufacturing facility in the US, backed by an US$800 million investment in partnership with Macquarie Capital. The facility was initially planned to begin commercial operations in the first half of 2026, starting with 2GW of annual production capacity before scaling to its full 6GW of capacity.
In August this year, the company closed an investment round to finance the growth of its business. The financing was secured from investment firms Octo Capital, Audrose Capital Partners and affiliates of Antarctica Capital. Located in Morgan Hill, California, the company’s 150,000-square-foot module assembly plant is expected to begin commercial module shipments from its first heterojunction (HJT) production line in the fourth quarter of 2026.
Speaking to PV Tech Premium, Das acknowledges that the company has adjusted its plans in response to changing policy and market conditions but said its end goal remains the same.
“The overarching goal and the premise of the business haven’t changed,” he says. “We think the need for a reliable supply chain partner is pressing for our customers.”
That reliability is central to DYCM’s pitch. Das says the company has “prioritised transparent negotiations and consistency with customers”, arguing that “module buyers have experienced delays, changing contract terms and other difficulties from suppliers in the past.”
Tapping into cell manufacturing
The next major piece is cell manufacturing. DYCM is working towards establishing its own cell production capability, and the company’s chief technology officer is set to outline its technology choice at PV CellTech USA 2026, taking place on 13–14 October in the San Francisco Bay Area, California.
Das says the company is making good progress but is not yet ready to disclose the technology.
The decision is strategically important. DYCM currently sees a gap in the US market for high-efficiency domestic cells, particularly for leading technologies such as HJT and tunnel oxide passivated contact (TOPCon). Rather than relying indefinitely on external supply, Das says the long-term solution is to manufacture cells itself.
The company is also deliberately limiting its module portfolio. DYCM’s current offering includes modules around 720-730W, a 640W class and a residential class around 450-500W. Utility-scale products are expected to represent roughly two-thirds to three-quarters of output, while smaller modules would use production capacity less efficiently.
US policy and the global supply chain
For DYCM, domestic sourcing is not a reaction to every new policy announcement. Das says he “instructed his team more than two years ago to develop US suppliers for every module component where possible.”
That work has taken time because the domestic solar supply ecosystem remains uneven. DYCM has now developed multiple suppliers for roughly 15 module components, with three or four sources for each item and at least one domestic option in most cases. Das says all suppliers must meet the company’s strict compliance requirements, while supply-chain resilience is also a priority.
Cells are the major exception. DYCM believed it had secured a domestic cell supplier, but that supplier has since encountered problems. The company is working to resolve the situation while developing its own cell capability.
European equipment is being used for DYCM’s manufacturing line, reflecting a strategy that Das says was designed from the outset to avoid problematic supply-chain dependencies. The company’s approach predates some of the latest US trade and policy measures.
Das views the policy environment as broadly positive because incentives encourage customers to buy domestic products. But he also argues that DYCM ultimately needs to be cost-competitive without relying on incentives to generate profits.
For future investment, however, policy certainty matters. Large manufacturing projects require long time horizons, and Das says a more stable five-year policy runway would make it easier to commit significant capital.
India next?
India is an obvious potential next step. Das says DYCM initially explored partnerships with Indian companies, attracted by the country’s scale, manufacturing ambitions and emphasis on supply-chain resilience. Sharma’s background at Vikram Solar and Das’s own connections also give the company a natural familiarity with the market.
But there is no immediate India expansion commitment. Das stresses that DYCM wants to establish its first US facilities successfully before pursuing international growth.
That caution mirrors the company’s broader philosophy: build progressively rather than respond to every market opportunity simultaneously. India remains “the obvious place”, Das says, but it comes after the US manufacturing platform is established.
Looking ahead
The immediate evidence that DYCM’s strategy is gaining traction is customer demand. Das says the company’s order book has increased almost tenfold in three months, compared with the previous year. That has prompted him to begin looking for another building, potentially expanding the company’s manufacturing footprint.
The milestone matters because DYCM’s financing and factory development have had to overcome a classic manufacturing ‘chicken and egg’ problem: customers want to see a factory before committing to a new supplier, while financiers want evidence of sales before backing the factory.
Closing financing earlier this year and ordering equipment for the first production line therefore represented a significant step, allowing customers to see that the project is becoming tangible.
Das now has ambitions well beyond a small initial operation. He says DYCM ultimately wants to become a 10GW company, although he acknowledges the capital required to reach that scale in the US is substantial.
That ambition is also shaped by what Das sees happening beyond conventional utility-scale demand. Data centre developers need new power quickly, and he argues that solar remains one of the fastest routes to deployment. For DYCM, that creates a demand signal that extends beyond today’s policy cycle. The company’s challenge will be converting that demand into bankable long-term capacity while preserving the supply-chain discipline that it sees as its principal competitive advantage in an increasingly volatile US market.
The company is therefore taking what Das repeatedly describes as “one step at a time”. Its next major milestone could be the announcement of its own cell technology and manufacturing plans before the end of the year.
For now, the strategy is clear: build a compliant, resilient US supply chain; establish cell manufacturing; expand capacity as contracted demand develops; and retain the flexibility to pursue markets such as India later.
The policy landscape may continue to change. Das’s answer is not to redesign the business with every regulatory shift, but to stay focused on the underlying thesis that first brought DYCM into the market: US solar demand will continue to grow, and customers will value dependable domestic supply.
DYCM will announce its technology choice for domestic cell manufacturing at our PV CellTech USA conference in California on 13-14 October, which will include further discussions of the US PV industry and its fast-growing domestic supply chain. For further details and booking, visit the event website.
