Venture capital-backed silicon wafer manufacturer 1366 Technologies has raised $15m in Series C capital, bringing its fundraising total to $62m.
The round was led by Tokuyama Corp and backed by the company’s existing investors including North Bridge Venture Partners, Polaris Venture Partners, VantagePoint Capital Partners and Energy Technology Ventures.
1366 Technologies will use the funds to build a full-scale manufacturing facility, which will initially produce 250 MW or 60m standard silicon wafers per year with plans to ramp up to 1GW.
The construction is expected to begin in 2014.
Tokuyama’s managing executive officer Hidenori Okamoto said, “1366 Technologies has the enormous benefit of being a ‘drop-in’ replacement for 60 per cent of the photovoltaics market, enabling the majority of panel manufacturers to readily adopt the technology and immediately realize cost and efficiency gains.
“As a strategic partner, we recognized the value in pooling our collective resources to accelerate the adoption of (the Direct Wafer technology). As an investor, we’re strengthening that partnership and reinforcing our commitment to advancing the technology.”
Last month one of 1366’s backers, North Bridge, participated in a $15m round for cloud-based payment and ATM access business Paydiant.
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