Octo Capital, Audrose Capital Partners, and Affiliates of Antarctica Capital Close Investment in DYCM Solar Modules Holdings

Capital funds first solar module production facility and business expansion, with more than one gigawatt of annual FEOC-compliant capacity expected to be in place by year-end 2026 and more than 1.2 GW of orders already secure

LIVERMORE, Calif., Aug. 4, 2026 /PRNewswire/ -- DYCM Solar Modules Holdings, LLC (DYCM) announced a Q2 closing of an investment led by Octo Capital, Audrose Capital Partners, and affiliates of Antarctica Capital. The capital will fund the growth of the business, including the initial buildout of more than one gigawatt of annual U.S. solar module production capacity and additional vertical expansion across the company's manufacturing operations. DYCM's first HJT module line is expected to begin commercial shipments in the fourth quarter of 2026.

The new line marks DYCM's entry into volume domestic module production and anchors a broader buildout strategy. The company said all of its production lines will be housed in DYCM's new 150,000-square-foot California facility, built to meet rising demand for American-made solar modules.

DYCM is among the first U.S. silicon solar module manufacturers to meet Foreign Entity of Concern (FEOC) regulations, officially known as "Prohibited Foreign Entity" restrictions in the One Big Beautiful Bill Act, that govern eligibility for federal clean energy tax credits.

As policy increasingly conditions incentives on supply chains free of prohibited foreign ownership and control, FEOC compliance has become a central purchasing criterion for utility-scale and commercial solar module buyers. Moreover, DYCM modules could provide up to 50% toward the Domestic Cost Percentage, helping developers secure the 10% Domestic Content Bonus. DYCM modules are also estimated to comply with Build America, Buy America Act requirements. The investment positions DYCM to capitalize on domestic demand for non-FEOC modules, offering U.S.-made modules with full supply chain traceability.

"This investment lets us build at the scale our customers are asking for," said Sriram Das, Chief Executive Officer of DYCM. "Our California facility will produce one gigawatt of FEOC-compliant annual module capacity, and with more than 1.2 gigawatts already under contract, the demand is here today. Octo, Audrose, and Antarctica understand that American solar manufacturing has to be rebuilt on supply chains the market can trust, and they are backing us to do exactly that."

"Electricity demand, driven largely by the AI infrastructure buildout, is colliding with a structural shortage of domestic clean energy," said Fred Bronstein of Octo Capital, a DYCM Board Member. "DYCM sits at the intersection of the energy transition, AI-driven demand, and a policy backdrop built to rewar domestic manufacturing. We're thrilled to have led the transaction, alongside our partners at Audrose and Antarctica."

"Audrose invests at the intersection of consumer and infrastructure, and DYCM sits right in the center of that space," said Justin Landau, Managing Partner of Audrose Capital Partners and a DYCM Board Member. "Power demand will continue to climb to support AI and the data economy, and the coming crossover of AI and robotics will only accelerate it. Domestic, FEOC-compliant solar manufacturing is exactly the kind of durable, demand-backed opportunity with asymmetry in the supply chain that we look for, and we are excited to help scale DYCM into the future."

"Our experience investing across the U.S. digital infrastructure and clean energy generation sectors has led us to believe that a diversified physical power infrastructure and supply chains in the U.S. are foundational to continued economic growth and national security priorities, including AI-related developments," said Philipp Klingelhofer of Antarctica Capital. "Along with our partners, we see an immediate opportunity to take advantage of state-of-the-art manufacturing and assembly technology as well as a highly supportive regulatory framework to establish a competitive domestic supply chain for solar modules in the U.S. We're excited to partner with the DYCM management team to execute on this opportunity and appreciate the support of our partners at Octo and Audrose to bring this vision to life."

As the California facility becomes operational and additional lines are developed, DYCM expects to scale capacity in step with its order pipeline.

About DYCM
DYCM Solar Modules Holdings is a U.S. solar manufacturer producing advanced solar modules. The company is building domestic production capacity to serve utility-scale, commercial, and distributed customers seeking American-made products with full supply chain transparency.

About Octo Capital
Octo Capital is an alternative investment firm built for special situations in real assets. The firm invests across the capital structure — common equity, preferred equity, and high-yield debt — and has a primary focus on residential, hospitality, alternative energy, and domestic manufacturing. Since inception, Octo has invested more than $250 million of equity on behalf of its principal accounts and joint venture partners. Octo was founded in 2020 by Fred Bronstein, a former Elliott Management investment professional. For more information, visit: www.octocapitalmgmt.com

About Audrose Capital Partners
Audrose Capital Partners is a leading investment firm that pursues opportunistic investments at the intersection of consumer and infrastructure. Audrose takes control, minority, and structured positions in operating businesses and partners with founders and management teams to build long-term value. The firm was founded in 2018 by Justin Landau, following more than a decade in private equity. Its first investment was El Car Wash, which Mr. Landau also built and led as co-founder and CEO, through its sale in 2022 and as Co-CEO through 2025. Audrose's portfolio also includes Rotten Candy, a consumer products company, and DYCM Solar, a next-generation U.S. solar module manufacturer.

About Antarctica Capital
Antarctica Capital is a global investment firm headquartered in New York with over $10 billion in assets under management. Antarctica's asset management, insurance and retirement solutions platforms are built for creating enduring value for the institutions, businesses, and communities it serves. Our asset management business is focused on generating attractive risk-adjusted investment returns throughout market cycles and the ever-changing financial market landscape. Our insurance and retirement solutions businesses provide financial security to retail and institutional clients through insurance, investment and retirement savings products. Antarctica's long-term capital, in conjunction with its vertically integrated asset management and investment platforms, uniquely positions the firm to maximize long-term value for both investors and portfolio companies. For more information about Antarctica Capital, visit https://antarcticacapital.com. 

Media Contact 
Gabriella Font, DYCM, [email protected]

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SOURCE DYCM Solar Modules Holdings, LLC

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