California, United States [RenewableEnergyWorld.com] Applied Quantum Technology (AQT) has secured US $10 million in venture funding. The latest investment from the original investor syndicate and additional undisclosed investors will be used to build out AQT’s first manufacturing line, to be located in Silicon Valley, and to expand the company’s staff in anticipation of full-scale production over the next 12 months. This funding round, which has completed its initial close, raises the total amount of funds that AQT has attracted to date to almost $15 million.
At the same time, AQT and Intevac announced a business agreement in which Intevac will provide AQT with equipment for its production needs. In April, AQT will build out an initial 15-megawatt (MW) production line at its new Silicon Valley development and manufacturing location to fulfill current customer orders due by year end.
Under the terms of this business agreement, Intevac will provide AQT and its manufacturing partners with manufacturing capacity for the production of AQT’s CIGS cells. AQT plans to receive its first manufacturing system in the second quarter of this year at its new Silicon Valley R&D and production facility.
“We have unique CIGS process technology, a dedicated group of investors, a seasoned team of executives and a core syndicate of established partners,” said Michael Bartholomeusz, CEO, AQT. “This latest investment is a testament to the enormous progress we have made in the last 12 months across our company and will fuel substantial milestones over the next four quarters.”
AQT is leveraging the manufacturing technologies and platforms that have been field-proven in the hard disk drive industry. AQT’s CIGS technology, dubbed CIGS 2.0, allows for continuous in-line manufacturing, which, the company said simplifies and streamlines the manufacturing process, resulting in the highest projected capital utilization efficiency in the industry, while minimizing costs.
RenewableEnergyWorld.com’s Stephen Lacey caught up with Bartholomeusz at Solar Power International 2009 to talk about the company’s technology and future plans, to hear more watch the video below.