Heliene Closes 45X Investment Tax Credit Transfer, in Partnership with U.S. Bank

The sale of the 2025 45X Tax Credits supports Heliene’s ongoing workforce and manufacturing growth in Minnesota, enhancing job security and long-term sustainability across local communities.

MOUNTAIN IRON, Minn. and MINNEAPOLIS, June 30, 2025 (GLOBE NEWSWIRE) -- Heliene Inc., a customer-first provider of North American-made solar PV modules, today announced the sale of the 2025 Section 45X Advanced Manufacturing Production Tax Credit (45X credits). The transaction has been possible thanks to the environmental finance leadership of Minneapolis-based U.S. Bank.

Heliene claimed eligibility for these 2025 tax credits under the guidelines of the Inflation Reduction Act’s Section 45X. Heliene manufactures high-quality, U.S.-made solar modules that feature a high volume of domestically-sourced components at two Minnesota facilities: one in Mountain Iron, MN and a second in Rogers, MN that came online in spring 2025. Across these two facilities, Heliene’s annual U.S.-based domestic solar module manufacturing capacity is 1.3GW, employing more than 500 Minnesotans in well-paying clean energy careers.

U.S. Bank – through its subsidiary U.S. Bancorp Impact Finance – is one of the most active renewable energy investors and among the largest tax credit syndicators in the country. Through 45X tax credit syndications, it supports domestic production and investment in renewable energy technologies while providing investors predictable streams of tax benefits with customized tax credit portfolios aligned to environmental goals.

This transaction marks the second tax credit transfer sale completed by Heliene in the past year. In September 2024, the Company sold an estimated $50M in 2023 and 2024 45X tax credits in one of the first deals of this kind for the solar manufacturing industry. The sale of 2025 credits affirms Heliene’s position as a leading domestic solar manufacturer and underscores continued demand for U.S. clean energy manufacturing. This transaction also represents Heliene and U.S. Bank’s shared commitment to driving job growth and economic development in the state of Minnesota.

“We’re very proud to have worked with U.S. Bank on our second 45X tax credit transfer deal. Their position as a leading national brand and their commitment to furthering economic development across Minnesota made them an ideal partner for this transaction,” said Martin Pochtaruk, CEO of Heliene, Inc. "In monetising these additional tax credits, we can maintain our commitment to building a stronger, domestic solar supply chain and grow our Minnesota workforce to meet the target of American energy dominance.”

“We are excited to leverage our custom financing solutions to help Heliene expand, create quality manufacturing jobs in U.S. Bank’s home state of Minnesota and support clean energy access,” said Adam Altenhofen, Impact Finance senior vice president of environmental finance production. "By incentivizing domestic production and investment in renewable energy, the 45X tax credit is already playing an important role in bolstering U.S. jobs and fostering economic growth.”

This transaction follows the grand opening of Heliene’s Rogers, MN solar manufacturing facility in late May 2025. With an expanded U.S. footprint and funds from the sale of 2025 tax credits, the Company will continue its commitment to strengthen U.S. energy independence through domestic manufacturing and job creation. The Company also received a $2.9M contribution from the Minnesota Department of Employment and Economic Development (DEED) to support job creation for its new facility.

About Heliene

Heliene is a North American manufacturer of high-quality solar modules with a commitment to U.S. job creation and domestic content. They produce modules for residential, commercial, and utility-scale projects in their U.S. facilities, meeting customers’ requirements for incentives under the IRA’s Domestic Content Bonus. Heliene offers high-performance modules with competitive pricing and responsive support, making them a reliable partner for any solar project.

Heliene operates two U.S.-based solar module manufacturing facilities with a combined annual module output capacity of 1.3GW. It employs more than 600 full and part-time solar industry professionals across its two manufacturing facilities and its Sault Ste. Marie, Ontario corporate office. For more information, please visit www.heliene.com.

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