US-based solar power manufacturer 1366 Technologies has extended its series B round by $6m by adding a further two investors to its consortium, which includes Korea-based Hanwha Chemical.
In a regulatory filing, 1366 said it had raised $26m from nine investors, compared to a disclosed $20m from seven two months earlier that had expected to be the final amount committed.
Alongside Hanwha in the round were venture capital firms Ventizz Capital Partners, North Bridge Venture Partners and Polaris Venture Partners. 1366 previously raised $17.55m since launch in March 2008 as a spin out from Massachusetts Institute of Technology.
The B round will enable 1366 to take its technology into production ahead of plan, 1366 said.
Hanwha, which recently acquired China-based manufacturer SolarFun, said it would also be a customer of 1366’s direct wafer products. Ki-joon Hong, (pictured) chief executive of Hanwha Chemical and head of its solar business unit, said: “Our partnership with 1366 marks a step in our commitment to provide solutions for solar energy when demand is rising steeply and governments are taking steps to cut carbon emissions.”
Carmichael Roberts, partner at North Bridge, said “Relative to other transformative renewable energy technologies, the company’s business model is not capital intensive. By focusing on high-value manufacturing technologies that increase cell efficiencies and reduce processing costs, 1366 has created an attractive value proposition.”