Round Follows $4 Million in Federal Funding from the U.S Department of Energyâ€™s Advanced Research Projects Agency-Energy (ARPA-E)
Lexington, MA â€“ February 4, 2010 â€“ 1366 Technologies (www.1366tech.com), a silicon photovoltaics company, today announced that the company has closed $5.15 million of venture capital bringing its total amount raised to $17.55 million. The round was led by returning investors Polaris and North Bridge Venture Partners and was awarded on the heels of signing a $4 million contract with the U.S. Department of Energyâ€™s ARPA-E program.
â€œWhile we were in a strong cash position, our existing investors were impressed with our progress and the operational achievements we’ve made during the past 18 months,â€ said Frank van Mierlo, president, 1366 Technologies. â€œThis round is a direct result of our ability to meet a number of critical technology milestones, our strong intellectual property position, and our standing as the only solar photovoltaics company to receive recognition from ARPA-E.â€
The recently closed round will accelerate the commercialization of 1366â€™s Self-Aligned Cell (SAC) and Direct Wafer technologies. The company has already secured two lead development customers and is actively selling the SAC equipment and process, which features innovative cell texturing and fine line metallization to deliver higher efficiencies with simple, low cost solutions for cell manufacturers.
About 1366 Technologies
1366 Technologiesâ€™ eliminates the cost and production challenges that have hampered solar powerâ€™s ability to replace fossil fuels. The company combines breakthrough innovations in silicon cell architecture with lean manufacturing processes to make the worldâ€™s most cost effective and commercially viable high efficiency solar cells. Developed by a veteran team of scientists, engineers and entrepreneurs, including MIT professor and photovoltaic industry expert Dr. Emanuel Sachs, the companyâ€™s novel approach breaks the historic efficiency and cost tradeoff of photovoltaics. 1366 Technologies is headquartered in Lexington, MA. For more information, please visit www.1366tech.com.
Director of Business Development
Laureen McGowan Sanderson