1366 Technologies, a US-based silicon wafer manufacturer backed by conglomerate Hanwha and polysilicon producer Wacker Chemie, raised $18m in series E funding yesterday.
Breakthrough Energy Ventures, the venture capital fund financed by investment partnership the Breakthrough Energy Coalition, supplied the cash together with unnamed new and existing shareholders.
Spun out of Massachusetts Institute of Technology in 2007, 1366 Technologies casts high-performance solar panels in a single step from molten silicon. The company has driven the cost per wafer piece to $0.19 and claims this makes its product the cheapest solar panel on the market.
The funding will allow 1366 to pursue further price reductions as it aims to drive the manufacturing cost to $0.15 per wafer. It will also support wider research and development activities as the company seeks further avenues for growth.
The company has secured more than $121m in funding to date, most recently raising $8.2m in equity financing in October 2017 according to a regulatory filing. Wacker Chemie injected $15m in funding in June 2016 as part of a strategic partnership, a month after Hanwha unit Hanwha Investment Corporation invested $10m.
Chemicals producer Tokuyama and Energy Technology Ventures, a joint venture formed by industrial and power technology conglomerate General Electric, energy utility NRG Energy and oil and gas producer ConocoPhillips, participated in a $22.5m series C round for the company in 2015.
The series C was led by VC firm Haiyin Capital and included North Bridge Venture Partners, Polaris Venture Partners, VantagePoint Capital Partners and Vorndran Mannheims Capital.
Another Hanhwa subsidiary, Hanwha Chemical, had taken part in 1366’s $28.4m series B round in 2011 together with GE Energy Financial Services, an energy infrastructure investment division of General Electric, as well as North Bridge, Polaris Venture Partners and Vorndran Mannheims Capital.
