1366 Technologies has closed venture capital funding worth $5.15 million, bringing the total amount raised by the silicon photovoltaics developer to $17.55 million. The round was led by returning investors Polaris and North Bridge Venture Partners.
The new VC funding comes on the heels of the Lexington, MA-based company’s signing of a $4 million contract with the U.S. Department of Energy’s newly established ARPA-E program.
“While we were in a strong cash position, our existing investors were impressed with our progress and the operational achievements we’ve made during the past 18 months,” said Frank van Mierlo, 1366’s president. “This round is a direct result of our ability to meet a number of critical technology milestones, our strong intellectual property position, and our standing as the only solar photovoltaics company to receive recognition from ARPA-E.”
Noting that the recently closed round will accelerate the commercialization of its self-aligned cell (SAC) and direct wafer technologies, 1366 says that it has already lined up two lead development customers and is actively selling the SAC equipment and process.