Sun Silver (ASX:SS1) has begun investigating grant and alternative funding sources available through US Government departments, including the Department of Energy, for silver paste development opportunities.
Silver paste is a conductive material containing silver particles that is used in the production of solar panels.
The primary function of silver paste in solar panels is to create electrical connections between the solar cells.
Sun Silver, which has a market capitalisation of $73.11 million, has engaged multinational law firm Holland & Knight to lead a two-stage process aimed at securing funds for potential silver paste development and solar opportunities in the US.
Headquartered in Florida, Holland & Knight was responsible for roughly 40% of all successful renewable energy grant applications under the Inflation Reduction Act in 2023, including more than US$400 million ($600 million) in grant funding for ASX-listed companies.
Stage one includes detailed mapping of all funding avenues available throughout the various government departments, while stage two involves completing applications and lobbying government departments to support Sun Silver’s silver paste proposition.
Executive Director Gerard O’Donovan says the US is in the midst of a perfect storm when it comes to solar energy thanks to key government initiatives and policy shifts.
“Firstly, there is a notable government commitment to solar energy, underscored by ambitious targets,” he says.
“Secondly, there is a heightened focus on reducing dependence on imported Chinese solar components and materials, evidenced by increased tariffs.
“Sun Silver recognises a significant opportunity to contribute to the advancement of solar energy in the US by offering a local solution for silver paste. This initiative will further diminish reliance on Chinese imports, which aligns with government goals.”
The US Government recently increased tariffs on Chinese solar imports into the country from 25% to 50% to further encourage the on-shoring of solar manufacturing.
America is currently targeting 30% solar energy as part of its national energy mix by 2030. In contrast, solar energy only accounted for 3% of the country’s energy grid in 2022.
Maverick Springs is Sun Silver’s flagship project, which lies 85km from Elko in Nevada.
Write to Aaliyah Rogan at Mining.com.au
Images: Holland & Knight
