1366 Technologies, a developer of new silicon cell architectures produced with lean manufacturing processes, has closed a $20 million Series B financing that brings the company's total amount raised to $37.55 million.
Korea's Hanwha Chemical and Ventizz Capital Fund IV LP joined return investors North Bridge Venture Partners and Polaris Venture Partners in backing the company. The new round will enable 1366 to take its Direct Wafer technology into production – a milestone the company will achieve well in advance of its original plan, 1366 Technologies notes.
1366's Direct Wafer technology forms a 156 mm multicrystalline wafer directly from molten silicon in a semicontinuous process. This method is in stark contrast to standard multicrystalline wafer manufacturing, which involves a multistep, batch process of ingot casting, blocking, squaring, and sawing that wastes up to 50% of the high-value silicon, the company says.
In addition, for the past year, 1366 Technologies has been actively selling its Self-Aligned Cell, a technology exclusively licensed by the Massachusetts Institute of Technology, which features new cell texturing and fine-line metallization features designed to deliver higher efficiencies for cell manufacturers.
SOURCE: 1366 Technologies