1366 Technologies, a US-based manufacturer of silicon wafers as used in solar cells, has secured $15m in series C funding led by Tokuyama Corporation, Japan’s largest producer of ultra-pure silicon and a strategic partner of 1366’s, joined by returning investors including Energy Technology Ventures (a joint venture involving General Electric, NRG Energy and ConocoPhillips) and venture capital firms North Bridge Venture Partners, Polaris Venture Partners and VantagePoint Capital Partners.
The C funding brings the company’s total amount raised to $62m.
The new round will be used to construct a full-scale manufacturing facility; building is scheduled to commence in 2014.
Frank van Mierlo, chief executive officer of 1366 Technologies, said: “The team continues to make progress against our goal of delivering solar at the cost of coal. Our Bedford operation is well funded and cash flow from operations will be positive in 2013. This new round, led by a strong strategic partner, provides scaling capital for our next phase and is a direct result of our ability to consistently advance the technology.”
Earlier in 2013, 1366 opened a factory in Bedford, Massachusetts, to demonstrate and perfect its “Direct Wafer” manufacturing process.
Hidenori Okamoto, managing executive officer of Tokuyama Corporation, said: “1366 Technologies has the enormous benefit of being a ‘drop-in’ replacement for 60 percent of the photovoltaics market, enabling the majority of panel manufacturers to readily adopt the technology and immediately realize cost and efficiency gains. As a strategic partner, we recognized the value in pooling our collective resources to accelerate the adoption of Direct Wafer. As an investor, we’re strengthening that partnership and reinforcing our commitment to advancing the technology.”