US solar company 1366 Technologies raises $5.15m in venture capital

5 February 2010

US silicon photovoltaics company 1366 Technologies has closed $5.15m of venture capital bringing its total amount raised to $17.55m. The round was led by returning investors Polaris and North Bridge Venture Partners and also signed a $4m contract with the US Department of Energy’s ARPA-E programme.

‘While 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,’ said Frank van Mierlo, president, 1366 Technologies. ‘This 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.’

The recently closed round will accelerate the commercialization of 1366’s self-aligned cell (SAC) and direct wafer technologies, the company said.

Developed by a team of scientists, engineers and entrepreneurs, including MIT professor and photovoltaic industry expert Dr Emanuel Sachs, the company is headquartered in Lexington, Massachussets.

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Tags: solar

This story was published on Friday, February 5th, 2010 at 6:47 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.

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