12:15 PM EST, 11/04/2024 (MT Newswires) -- Canadian Premium Sand ( CLMPF ) Monday offered an operational update for its pattern solar glass manufacturing facility in Selkirk, Manitoba and said it plans a pattern solar-glass manufacturing facility in the United States.

To advance the $272 million indications of support from the Province of Manitoba and the Government of Canada for the Selkirk Project, the company said it submitted the detailed application for $100 million of non-dilutive financial support and is now entering the due diligence phase.

The company is working on formalizing elements of the $72 million financial support from the Province of Manitoba and has held discussions with Manitoba-based indigenous groups related to their participation in the Selkirk Project of $100 million utilizing the federal Indigenous Loan Guarantee Program.

In addition, the implementation of the Inflation Reduction Act (IRA) in the U.S. has resulted in strong growth in solar installations and onshoring efforts within the solar supply-chain. American customers have expressed a desire for domestic solar-glass supply. The company has selected a site for a lower capital-cost facility to supplement the Selkirk Project, and is now preparing plans to re-purpose a former glass manufacturing facility in the U.S. to produce 4GW per year of solar glass and is advancing discussions with a potential strategic glass manufacturing partner to jointly develop this site.

The company's shares were last seen up $0.02 to $0.355 on the TSX Venture Exchange.

Price: 0.36, Change: +0.02, Percent Change: +5.97