Technologies, an MIT spin-off founded by MIT Professor Ely Sachs, has
raised $12 million in first-round funding to bring to market new
developments in multi-crystalline silicon solar cells that is claimed
to boost solar cell efficiency by 25% (from 15 – 19%) while lowering
manufacturing costs. The first-round funding was co-led by North Bridge
Venture Partners and Polaris Venture Partners.
“The science is understood, the raw materials are abundant and the products work,” noted Ely Sachs, Founder and CTO of 1366 Technologies “All that is left to do is innovate in manufacturing and scale up volume production, and that’s just what we intend to do.”
“Once the pilot plant [in Lexington] has proven itself, we’ll work with governments and energy agencies worldwide to build a string of factories,” said Carmichael Roberts, General Partner at North Bridge Venture Partners who is joining 1366 Technologies’ Board of Directors as Chairman.
According to 1366 Technologies, its new ‘Light-Capturing Ribbon’ reflects light back onto the surface of the cell, thus improving conversion efficiencies.