New Funding to Further Commercial Scale-Up of Company’s Advanced Manufacturing Process
Bedford, MA April 9, 2015 Silicon wafer manufacturer 1366 Technologies today announced it has completed a $5 million extension to it Series C financing, bringing the round’s total to $22.5 million. The round was led by the China-based venture capital firm Haiyin Capital and will be used for the construction of 1366’s 250 MW full-scale manufacturing facility. The facility will initially produce 60 million standard silicon wafers per year – enough to power more than 30,000 American homes.
“1366’s technology will be uniquely important to the global silicon solar manufacturing chain which continues to seek new methods to strip out costs in the manufacturing process while increasing quality and efficiency,” said Yuquan Wang, Founding Partner, Haiyin Capital. “With its Direct Wafer® process, the 1366 team provides an answer. We see the great potential for their technology in China and around the world.”
1366 Technologies’ Direct Wafer® technology forms multi-crystalline wafers directly from molten silicon instead of today’s multi-step, energy- and capital-intensive process. The technology replaces several inefficient machines with one, uses 50% less silicon than traditional methods and creates meaningful environmental benefits by eliminating slurry (a highly abrasive liquid used during wafer cutting and polishing) and halving silicon waste.
“The Direct Wafer® technology is an advanced manufacturing process that brings tremendous value to the silicon solar production line, one that doesn’t require tradeoffs between cost and sustainability,” said Frank van Mierlo, CEO of 1366 Technologies. “The appeal of the Direct Wafer® technology is not only rooted in itsÂ significant cost advantages the ability to deliver solar at the cost of coal – but also in its sustainable processes.”
This extension brings 1366’s total amount raised to $69.5 million. The Company is preparing to build a 250 MW commercial facility in the United States.
About Haiyin Capital
Haiyin Capital is a China-based venture capital firm actively investing into U.S.-based high-tech companies. With the strong industrial background of its general partners, Haiyin Capital helps its portfolio companies to achieve fast growth by leveraging its China resources, including penetrating the China market, docking with the China supply chain and further fund raising from China.