California, United States [RenewableEnergyWorld.com] Calisolar Inc. has agreed to acquire of 6N Silicon Inc., an Ontario-based silicon supplier to the solar industry. The acquisition was completed through a stock-for-stock transaction between the two privately held companies. In addition, $22.5 million in funding was raised from existing Calisolar and 6N investors.
The new funds will be used to increase capacity at Calisolar’s Sunnyvale, California cell manufacturing facility and expand silicon purification operations at 6N’s facility in Vaughan, Ontario.
6N Silicon will operate as a wholly owned subsidiary of Calisolar. Calisolar will integrate 6N Silicon’s silicon purification techniques into its manufacturing process to deliver high-quality, high-performance solar cells.
By optimizing silicon for wafering and cell manufacturing, Calisolar expects to significantly lower manufacturing and energy costs, improve silicon yield and enable scrap silicon recycling.
“This is a major step towards our mission to reduce the cost of solar,” said Roy Johnson, CEO of Calisolar. “With this acquisition of a world-class operation, talented people and new funding, Calisolar will rapidly grow in the U.S., Canada and around the world.”
In January 2010, Calisolar began commercial shipments of solar cells. The United States and Ontario, Canada are expected to be among the highest growth markets in solar over the next five years and Calisolar said that it will now be able to meet domestic content requirements through its combined manufacturing capacity in both markets.