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© michal-kowalski-dreamstime.com Business | October 16, 2013

1366 Technologies secures funding for next phase of growth

Silicon wafer manufacturer 1366 Technologies has secured USD 15 million in Series C funding, bringing the company’s total amount raised to USD 62 million.
The new round is earmarked for the construction of 1366’s full-scale manufacturing facility, which will initially produce 250 MW or 60 million standard silicon wafers per year – enough to power more than 30'000 American homes – and ramp up to 1 GW annually.

Building is scheduled to commence in 2014. Lead investor Tokuyama Corporation, Japan’s largest producer of ultra-pure silicon and a strategic partner of 1366’s, joins several returning investors in backing the company.

“The team continues to make progress against our goal of delivering solar at the cost of coal. Our Bedford operation is well funded and cash flow from operations will be positive in 2013. This new round, led by a strong strategic partner, provides scaling capital for our next phase and is a direct result of our ability to consistently advance the technology,” said Frank van Mierlo, CEO, 1366 Technologies. “We’ve taken a very deliberate route to high-volume production. In the process we’ve built a stable, capital efficient business during the most challenging of times.”

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