Since our founding, we’ve been dedicated to making solar more accessible through innovation. This dedication has resulted in a breakthrough solar manufacturing technology that manufacturers a high performance solar wafer in a single step, directly from molten silicon. This technology produces the world’s lowest cost solar wafer. In 2019, we demonstrated the technology is capable of having a bottom up cost of just $0.19 per piece. But we’re not done yet.
Today, 1366 Technologies is announcing an $18M Series E financing from several new investors including Breakthrough Energy Ventures. Return investors also joined the round. We’ll use the funding to realize Direct Wafer® furnaces capable of producing multiple wafers at a time within an even smaller footprint, driving the cost below $0.15 per wafer piece. We’ll also further R&D initiatives that we believe will put the industry on a new growth trajectory.
Our investors recognize the power of a technology that introduces wafer innovation to the industry for the very first time. Until now, any significant innovation in solar has happened at the cell or module level. Our Direct Wafer technology changes this dynamic. Integration of unique wafer-level features and benefits can be leveraged for a better downstream product and to achieve considerable, overall system benefits.
The pace of solar adoption must accelerate to allow the world to keep temperature rise contained. Key to realizing this goal is the delivery of ultra-low-cost, high-performance products with our Direct Wafer manufacturing platform.