MSolar

What MSolar does

MSolar is a Virginia-based, privately held solar manufacturer founded in 2018 that operates as a vertically integrated producer of heterojunction (HJT) solar panels made in the United States. The company's core product line, branded as the Apex Mono-Crystalline G-12 HJT, is offered in two variants: a Commercial & Industrial panel at 560W with 25% efficiency and a Utility panel at 720W with 25-26% efficiency. Both products feature dual tempered bi-facial glass construction designed to deliver higher output, lower degradation, and superior performance in hot climates relative to standard PERC panels. The technology positioning is reinforced by 51%+ domestic content, qualifying panels for the IRA Domestic Content Adder and supporting FEOC-compliant supply chains for project bankability.

The company is building a vertically integrated manufacturing platform in Shenandoah County, Virginia, anchored by a 56,000-square-foot Mount Jackson facility expected to produce more than 500,000 panels annually and create 150 jobs, with a $23.78 million investment commitment. The platform is being expanded upstream with a planned Solar Glass Factory (2.6MM fully tempered glass) and a 4GW Solar Silicon Factory for HJT G-12 silicon cells, intended to internalize glass and silicon supply. To date, MSolar has raised approximately $16 million across two funding rounds (2020 and 2024) and is supported by the Virginia Economic Development Partnership and Shenandoah Valley Partnership.

MSolar operates a sales-led go-to-market targeting utility-scale developers, commercial installers, and distribution networks across the United States, with pricing provided through custom quotes rather than published list pricing. No named customer logos are disclosed in available sources. The current employee base is 1-10, reflecting a company in active buildout prior to scaled commercial operations. Revenue figures are not disclosed, and the manufacturing facility is described as in development, indicating MSolar is in a pre-commercial or early-commercial stage.

Name

MSolar

Legal name

MSolar

Website

https://msolar.us

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

MSolar is a Virginia-based, vertically integrated US manufacturer of high-efficiency heterojunction (HJT) solar panels (560W and 720W), targeting utility-scale developers and commercial installers with IRA-compliant, 51%+ domestic content products built at a planned Mount Jackson, VA facility.

Ownership category

akta.pro rank

Product category

Solar Panel Manufacturing

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industry

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA)

Keywords

• Heterojunction solar panels
• Vertically integrated solar manufacturing
• Utility-scale solar modules
• HJT silicon cells
• Domestic content solar

Headquarters

HQ city

Woodbridge

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Solar Panel Hardware Sales: MSolar manufactures and sells premium HJT solar panels including commercial (560W) and utility-scale (720W) products. Panels are sold directly to customers including utility-scale developers, commercial installers, and distribution networks.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

MSolar manufactures and sells premium heterojunction (HJT) Mono-Crystalline G-12 tempered bi-facial solar panels in the United States, offered as a 560W Commercial & Industrial variant and a 720W Utility variant, with 25–26% efficiency. The company is building a vertically integrated domestic manufacturing platform in Virginia encompassing a Solar Panel Factory, a Solar Glass Factory (2.6MM tempered glass), and a planned 4GW Solar Silicon Cell Factory to serve utility-scale developers, commercial installers, and select residential customers.

Product overview

MSolar is a vertically integrated solar manufacturing platform producing premium Mono-Crystalline G-12 HJT (Heterojunction) Tempered Bi-Facial Solar Panels in the United States. The product portfolio includes the Apex Mono-Crystalline G-12 HJT panel available in two variants: a Commercial & Industrial version (560W, 25% efficiency) and a Utility version (720W, 25-26% efficiency). The company is developing supporting manufacturing infrastructure including a Solar Glass Factory (2.6MM fully tempered glass) and a Solar Silicon Factory (4GW fab for HJT G-12 silicon cells) to enable full vertical integration from raw materials to finished modules.

Differentiator

Problem solved

Functional benefit

Products and services

• Apex Mono-Crystalline G-12 HJT Commercial & Industrial Solar Panel High-efficiency heterojunction (HJT) Mono-Crystalline G-12 solar panel with 560W output, 25% efficiency, and dual tempered bi-facial glass construction, designed for commercial and industrial rooftop and ground-mounted installations to maximize energy production with fewer panels.
• Apex Mono-Crystalline G-12 HJT Utility Solar Panel High-efficiency heterojunction (HJT) Mono-Crystalline G-12 solar panel with 720W output, 25-26% efficiency, and dual tempered bi-facial glass construction, designed for utility-scale solar projects to reduce balance-of-system costs, increase energy yield, and improve project IRR.

Quantifiable outcome

• 30% more power per panel compared to industry standard
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Virginia Economic Development PartnershipcoreStrategic or Co-development Partner · 4 June 2026Virginia EDP worked with Shenandoah County to secure MSolar's $23.775M manufacturing facility project. Provided support through the Virginia Jobs Investment Program to facilitate the investment and job creation in the state.
• Shenandoah Valley PartnershipcoreStrategic or Co-development Partner · 4 June 2026Local economic development organization that collaborated with Virginia EDP and Shenandoah County to attract MSolar's manufacturing facility to the region.
• Virginia (State Government)coreStrategic or Co-development PartnerVirginia Governor Abigail Spanberger welcomed MSolar's $23M investment, citing career opportunities and the state's role in making energy more affordable and reliable. State support provided through Virginia Jobs Investment Program.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• REC Group: Premium solar module manufacturer focused on high-efficiency heterojunction and half-cut cell technology. Closely comparable to MSolar on HJT technology positioning and premium efficiency tier targeting.
• Meyer Burger Technology: European-headquartered HJT and TOPCon module manufacturer with growing US presence. Comparable as a premium-efficiency technology competitor pursuing IRA-aligned US manufacturing footprint.

Direct peers

• First Solar: Vertically integrated US-headquartered thin-film solar module manufacturer serving utility-scale projects. Most direct comparable to MSolar given domestic manufacturing focus and utility-scale customer base, though at vastly larger scale and using CdTe rather than HJT technology.
• Silfab Solar: North American premium solar module manufacturer with vertically integrated cell and module assembly. Closely comparable to MSolar as a domestic-focused competitor targeting high-efficiency panels and IRA-compliant supply chains.
• Qcells (Hanwha Qcells): Major global solar manufacturer with a growing US manufacturing footprint in Georgia. Competes directly with MSolar in the utility-scale and C&I segments and is a major IRA beneficiary; a relevant benchmark for domestic capacity expansion.
• SunPower (Maxeon spin-off): Premium residential and commercial solar panel maker with high-efficiency IBC technology. Comparable to MSolar in targeting premium efficiency tiers and the residential/commercial segment, though with a much more established brand.

Broad incumbents

• Trina Solar: Global top-tier module manufacturer with US manufacturing investments and broad technology portfolio including TOPCon and HJT. Relevant competitor for high-efficiency utility-scale contracts and as a HJT technology peer.
• Canadian Solar: Vertically integrated solar manufacturer with US project development arm (Recurrent Energy) and growing US module capacity. Comparable through its combination of manufacturing scale and US-domestic-content positioning.
• JinkoSolar: One of the world's largest solar module manufacturers with a global distribution network. Sets the cost-efficiency benchmark MSolar must compete against on price-per-watt in utility-scale RFPs.
• JA Solar: Top global solar module and cell manufacturer with established global channels. Comparable as a high-volume competitor in the utility-scale space, including for TOPCon and emerging HJT products.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MSolar