SUNO, N.J. — Solar panel manufacturer Suno Inc. announced Friday it had secured $1 billion in financing from a combination of private equity and institutional investors.
Suno’s shares fell more than 15% in after-hours trading.
It’s the largest acquisition by a private equity firm for a U.S. manufacturing company since the U.K. aerospace giant Boeing Co. announced it was buying a manufacturing company in December for $9.2 billion.
Sunos founder and CEO Andrew Fenton said the financing will help the company achieve a revenue-per-watt of about $10 per kilowatt-hour.
Sunroof manufacturing will take about 1.5 million square feet of solar panel assembly equipment and 3,000 employees to build.
The company plans to ship about 3 million panels annually.
Sunroofs are used to build solar panels on roofs and walls.
Sunsol and Suno said the funding will be used to further expand manufacturing capacity in New Jersey and across the country.
Sunolabs is a joint venture between the UBS Group AG and the UCL Group, with investment in the company from private equity firms.
Sunolabs has a market value of $7.6 billion.