Massachusetts-based solar company 1366 Technologies announced today the close of a $20 million Series B financing bringing the Company's total amount raised to $37.55 million.
Korea's Hanwha Chemical (009830.K) and Ventizz Capital Fund IV L.P. joined return investors North Bridge Venture Partners and Polaris Venture Partners in backing the company.
The new round will enable 1366 to take its so-called Direct Wafer technology into production.
1366's technology forms a 156mm multi-crystalline wafer
directly from molten silicon in a semi-continuous process the company says is capital- and
silicon-efficient.
The process is in contrast with standard
multi-crystalline wafer manufacturing which involves a multi-step,
batch process of ingot casting, blocking, squaring, and sawing that
wastes up to 50% of the silicon. By using standard silicon
feedstocks and producing compatible wafers, 1366 says Direct Wafer integrates
into the existing silicon photovoltaics' supply chain, providing cost
savings to cell customers without added complexity.
1366 received a $4 million grant from the Department of Energy's ARPA-E program in
December of 2009.
"During the past two years, we have kept our cash position strong and focused on solving the key manufacturing challenges in silicon photovoltaics," said Frank van Mierlo, CEO, 1366 Technologies. " Now, with this investment, we're moving towards manufacturing. Our goal is to bring our transformative Direct Wafer technology into production and deliver the manufacturing innovations that will make solar electricity cheaper than coal."
In addition to its investment role, Hanwha Chemical, which just recently acquired a 49% stake in China's SolarFun, is also planning to be a 1366 Direct Wafer customer.
For the past year, 1366 Technologies has been actively selling its Self-Aligned Cell, a technology exclusively licensed by MIT, which features cell texturing and fine-line metallization to deliver higher efficiencies for cell manufacturers.
