1366 Technologies Raises US $12 Million

1366 Technologies, a start-up aiming to make silicon solar cells competitive with coal, announced that it has secured US $12.4 million in a first round of financing. Founder and CTO, Ely Sachs, said that 1366 Technologies will be combining innovations in silicon cell architecture with manufacturing process improvements to bring multi-crystalline silicon solar cells to cost parity with coal-based electricity.

1366’s technologies could improve surface texture and metallization to enhance silicon solar cell efficiency by 25% (from 15 – 19%) while lowering costs, according to the company. 1366 plans to partner with solar companies and government agencies to licensing its technology. In addition, the company plans to build 100-megawatt industrial size plants around the world. The financing was co-led by North Bridge Venture Partners and Polaris Venture Partners.

“The science is understood, the raw materials are abundant and the products work.  All that is left to do is innovate in manufacturing and scale up volume production, and that’s just what we intend to do,” Sachs said.

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