Canadian Premium Sand (CPS) provided an operational update on development of its solar glass manufacturing plans.
US Project
CPS continues to advance development of its proposed southern US pattern solar glass manufacturing facility (the “US Project”) anticipated to produce 4GW equivalent pattern solar glass annually.
The company has selected Toledo Engineering and Bottero to advance pre-construction engineering, working with Green City Glass as the Owner’s Engineer. The pre-construction engineering effort will result in a refined capital cost and construction schedule to support the Company’s construction financing efforts.
Selkirk, Canada, Project
With annual domestic solar panel manufacturing capacity in the US at 52GW, demand for solar glass has reached a new high. While the Company continues to pursue financing options for its proposed vertically integrated Canadian pattern solar glass manufacturing facility in Selkirk, Manitoba (the “Selkirk Project”), the uncertainty related to announced US import tariffs on Canadian goods as well as the potential for Canadian counter tariffs has resulted in a challenging financing environment for a Canadian project.
Stability in the Canada-US trade relationship will be key for CPS to advance the Selkirk Project. As such, the company’s near-term focus is on advancing the US Project to prepare for construction financing.
Changes to policy impacting the North American solar market
In addition to the US and Canadian tariff uncertainty impacting the Selkirk Project, legislative amendments proposed to the previously enacted Inflation Reduction Act (the “IRA”) passed by the US House of Representatives on May 21, 2025 creates uncertainty related to the sustainability of the IRA and associated incentives for domestic production.
The company continues to advance both the US and Selkirk Projects and is closely monitoring legislative actions in the US, the impact of proposed legislation to IRA incentives and ongoing trade matters, particularly between Canada and the US. Further, Canadian Premium Sand awaits clarity on Canadian domestic economic policy following the April 28, 2025 Canadian federal election. The outcome of these actions and policies will influence the company’s strategy and timeline of securing financing for its projects.