Solar technology company Iosil Energy secures $13.5m in oversubscribed funding round

19 March 2010

Solar grade polysilicon manufacturer Iosil Energy has secured $13.5 million in equity financing in an oversubscribed round.

New investors include BankInvest New Energy Solutions, SiC Processing and Bekaert, which have joined existing investors EnerTech Capital, Cycad Group and Espirito Santo Ventures.

In addition, Epic Ventures and Gideon Hixon have also joined as new investors and the initial tranche of funding will allow it to specify and engineer its pilot plant facility in one of several locations under consideration, Iosil said.

The full investment will be used by Iosil to build out a pilot manufacturing plant and prepare for commercial introduction, it said.

Earl Fuller, CEO of Iosil Energy, said, ‘Iosil is now moving from a successful research and development phase to a manufacturing scale-up of its technology. The solar market needs innovation throughout the value chain to reduce costs and enable growth in one of the largest segments of the renewable energy industry.’

Iosil’s technology can be used to produce polysilicon from metallurgical grade silicon, the traditional feedstock source, but also recover and purify silicon from sawing waste streams, it said.

‘We’re thrilled with the quality of silicon recovered from our industry’s waste stream, and this enabled us to achieve investment from important strategic players in the industry value chain, as well as financial investors,’ Fuller said.

Iosil Energy was founded in 2007 and is headquartered in Alberta, US.

Copyright © 2010 NewNet

Tags: solar

This story was published on Friday, March 19th, 2010 at 3:00 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply