US-based silicon wafer manufacturer 1366 Technologies secured an additional $5m yesterday, enabling it to close a series C round also featuring chemicals producer Tokuyama at $22.5m.
1366 produces silicon wafers to be used in solar cells for power generation. The series C funding, led by venture capital firm Haiyin Capital, will support the company’s construction of a 250 MW manufacturing plant.
Tokuyama led the initial $15m tranche of the round in October 2013, with Energy Technology Ventures, the joint venture formed by industrial conglomerate General Electric and energy companies NRG Energy and ConocoPhillips, also participating along with North Bridge Venture Partners, Polaris Venture Partners and VantagePoint Capital Partners.
Private equity fund advisor Vorndran Mannheims Capital added a further $2.5m two months later.
Founded in 2007, 1366’s wafers are created directly from molten silicon in a process it claims uses 50% less silicon than the currently-used, more energy-intensive processes.
The company has now raised $69.5m in total. Chemicals producer Hanhwa Chemical, parent company of solar cell and module maker Hanwha SolarOne, was an investor in its $26m series B round in 2010, together with North Bridge, Polaris and Vorndran Mannheims, then known as Ventizz Capital Fund.
– Photo courtesy of 1366 Technologies