CIGS developer Applied Quantum Technology (AQT) says it has secured $10M in venture funding to help build out a 15MW manufacturing line with new partner Intevac for its CIGS thin-film solar cells.
April 8, 2010 – CIGS developer Applied Quantum Technology (AQT) says it has secured $10M in venture funding to help build out a 15MW manufacturing line with new partner Intevac for its CIGS (copper-indium-gallium-diselenide) thin-film solar cells.
The funds from AQT’s “original investor syndicate” (reported to be STPV Holdings, plus other investors) brings the company’s total funding to nearly $15M.
In a simultaneous announcement, AQT said it is partnering with Intevac (no stranger to CIGS work, thanks to a separate dev deal with XsunX) to offer equipment manufacturing capacity for AQT’s CIGS cells. AQT CEO Michael Bartholomeusz says the company aims to achieve “substantial milestones over the next four quarters.”
Like Intevac, AQT is approaching the thin-film solar PV market from the storage/hard-disk angle — claiming the key is sputter deposition technology, which it says can accelerate the rate of efficiency improvement, eventually to be comparable with crystalline silicon (c-Si). Its technology, dubbed “CIGS 2.0,” combined with Intevac’s manufacturing platform, offers a scalable architecture for low-cost drop-in replacements for c-Si cells. The end benefit is continuous inline manufacturing that simplifies production, maximizes capital utilization, and minimizes costs.
“Our leverage-based business model depends on strategic partners like Intevac in order to address the three critical success factors required by the new PV market realities; scalability, aggressive cost reduction and continuous technical advancement,” added Bartholomeusz. “Intevac enables AQT to address our mission to achieve the highest cost/performance ratio of any solar cell manufacturer.”