Mar 4 2011
1366 Technologies, provider of innovative production methods for developing cost-effective photovoltaic solar panels, has declared at the ARPA-E Energy Innovation Summit that they have received investment from GE Energy Financial Services and VantagePoint Venture Partners.
This contribution has enabled these new investors to join other investors including North Bridge Venture Partners, Hanwha Chemical and Ventizz Capital Partners to extend $20 million worth of Series B funding round to another $8.4 million for the company.
The investment amount will be used by the company to further advance its solar wafer solutions. Around $46 million has been raised by the company from private investors. In the federal funding round, ARPA-E, an organization of the US Department of Energy, funded $4 million. Around 3,600 first-round candidates participated in the funding round and 1366 Technologies was the only solar photovoltaic firm to obtain investment from ARPA-E.
Kevin Skillern, Managing Director of Venture Capital at GE Energy Financial Services, has stated that 1366 Technologies’ innovative and cost-effective silicon wafer production process has helped the market to reach $7.5 billion in 2010 and the technology can be easily included in the current solar PV cell production lines.
According to Doug Kirkpatrick, Partner of VantagePoint Venture Partners, the team of 1366 Technologies features few experts from MIT and it continuously achieves major technology landmarks. He added that they hope that their innovations will develop low cost silicon wafers and will enable the solar energy segment to become the basis of the global energy production mix.
The results of the Series B funding round and addition were revealed in October and December 2010 and January 2011 through regulatory documents.