1366 Technologies has closed its Series B financing round securing US$20 million and bringing the grand total raised by the company to US$37.55 million. Returning investors North Bridge Venture Partners and Polaris Venture Partners were joined by Ventizz Capital Fund and Hanwha Chemical, who will also become a 1366 direct wafer customer, for the round. 1366 advised that with the close the financing round, it plans to take its direct wafer technology into production.
“During the past two years, we have kept our cash position strong and focused on solving the key manufacturing challenges in silicon photovoltaics,” 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.”