2017 has been an important year for 1366 and today, we’re excited to announce that we’ve raised $9M in Series D funding from strategic partners and return investors. The new funding will be used to further our scaling plans and brings us closer to realizing our vision for the future where solar energy displaces coal as the cheapest fuel source on the planet.
As our scaling plans crystallize, the Direct Wafer® technology continues on its steep learning curve. Today, our wafers are both extremely low cost and high-efficiency, creating a significant commercial advantage for cell and module manufacturers seeking to reduce cost without sacrificing performance. This year, our average cell efficiency reached 20.3%, an achievement that exceeds the average cell efficiency of traditional sawn wafers. And we’re not finished yet. New wafer features – such as 3D/thin – made possible with the Direct Wafer process provide a road map for the future impossible to realize with cast or pulled ingots.
This month, along with a strategic partner, we assembled thousands more of our wafers into modules and with the installation of our commercial array in Japan, we now have installations featuring our wafers on three continents.
Thank you to our partners, our customers, our investors, and our world-class team. Together, we’ve developed the platform to deliver terawatt solar.