December 23, 2010
1366 Technologies, a Lexington, Massachusetts start up company based in 2007, has recently raised $20 million in series B financing from the Korean Hanwha Chemical and one of Europe’s top clean technology investors, Ventizz Capital Fund IV L.P. This round of financing will allow the company to take into production its revolutionary technology, Direct Wafer. These new investors joined previous one, North Bridge Venture Partners and Polaris Venture Partners.
Frank van Mierlo, the Chief Executive Officer of 1366 Technologies, declared that “We have managed expectations and steadily built our credibility. Now, with this investment, we are 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.”
“1366’s philosophy is in line with our own: renewable energy technologies must be developed in a manner that avoids lengthy times to market and uncertain demand. By focusing on the existing silicon solar supply chain, 1366 has eliminated the now common concerns associated with other approaches – significant capital investment and a prolonged horizon. We are exited to join their other investors and have every confidence that 1366’s innovations will fundamentally change solar manufacturing,” declared the Managing Partner for Ventizz Private Equity AG, Bjorn Sondgerath. The Partner at North Bridge Venture Partners, Carmichael Roberts, said that “For us, one of the most obvious benefits to 1366’s approach to silicon photovoltaics is that it doesn’t require heavy investment. 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 incredibly attractive value proposition. Their promise is exceptional and North Bridge is proud to name them among its portfolio companies.”
1366 Technologies has raised as total of $43.55 million, having previously raised $12.4 million in series A funding, $5.5 million in unattributed funding and recently another $6 million in series B funding.
About 1366 Technologies
The company was founded in 2007 and has been selling a technology licensed by the MIT, its own Self-Aligned Cell. The company eliminates the cost and production challenges of the solar power’s ability to replace fossil fuels. It combines innovations in silicon cell architecture with lean manufacturing in order to create the most cost effective and most viable high efficiency solar cells in the world. 1366’s approach is more efficient than the photovoltaics, which is a great break through.