Silicon wafer manufacturer 1366 Technologies has raised US$5 million in funding from an extension to it Series C financing, led by China-based venture capital firm Haiyin Capital.
The total funding in the round stands at US$22.5 million. The extension, which brings 1366’s total amount raised to $69.5 million, will be used for the construction of a 250-megawatt manufacturing facility that will initially produce 60 million standard silicon wafers per year.
“1366’s technology will be uniquely important to the global silicon solar manufacturing chain which continues to seek new methods to strip out costs in the manufacturing process while increasing quality and efficiency,” said Yuquan Wang, Founding Partner, Haiyin Capital. “With Direct Wafer, the 1366 team provides an answer. We see the great potential for their technology in China and around the world.”
1366 Technologies’ Direct Wafe forms multi-crystalline wafers directly from molten silicon instead of the more common multi-step, energy- and capital-intensive process. The technology replaces several inefficient machines with one, uses 50% less silicon than traditional methods and creates meaningful environmental benefits by eliminating slurry, a highly abrasive liquid used during wafer cutting and polishing, and halving silicon waste.
This extension brings 1366’s total amount raised to US$69.5 million. The Company is preparing to build a 250MW commercial facility in the United States.
