http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar-by-technology-renewable-energy-news/us-solar-manufacturer-1366-technologies-raises-20m.html

US-based solar manufacturer 1366 Technologies has raised $20m in a Series B round of financing, which it plans to use to produce its ‘cost-halving’ wafer technology ahead of schedule.

Led by Korea’s Hanwha Chemical and European clean technology investor Ventizz Capital, the round brings the total amount raised by the company up to $37.55m.
The two lead backers joined returning investors North Bridge Venture Partners and Polaris Venture Partners in the round, which the company said will enable it to begin production of its Direct Wafer technology.
Reaching this milestone will put the company well in advance of its original roadmap, and is thanks also to a kick start $4m federal grant that it secured towards the end of last year.
‘During the past two years, we have kept our cash position strong and focused on solving the key manufacturing challenges in silicon photovoltaics (PV),’ said Frank van Mierlo, CEO of 1366 Technologies.
‘We’ve managed expectations and steadily built our credibility. Now, with this investment, we’re moving towards manufacturing. Our goal is to bring our transformative Direct Wafer technology into production and deliver the manufacturing innovations that will make solar electricity cheaper than coal.’
In contrast to the standard multi-step batch-producing process, Direct Wafer technology forms a 156mm multi-crystalline wafer directly from molten silicon in a semi-continuous, capital- and silicon-efficient process, 1366 Technologies said.
The company claims its method saves 50 per cent of high-value silicon that would otherwise be lost in conventional manufacturing processes.
In addition to its investment role, Hanwha Chemical – which just recently acquired Chinese solar company SolarFun – is also planning to be a 1366 Direct Wafer customer.
‘Hanwha is constantly seeking to reinvent the way we deliver solar energy to the world in a more efficient and truly sustainable manner,’ said Ki-joon Hong, CEO of Hanwha Chemical and head of Hanwha’s solar business.
‘Our partnership with 1366 marks a critical step in our common commitment to provide innovative solutions for high quality solar energy at a time when the world demand for solar power is rising steeply and governments are taking aggressive steps to cut carbon emissions.’