BEDFORD, Mass.--(BUSINESS WIRE)--Silicon wafer manufacturer 1366 Technologies (“1366”) today announced it has received a $10 million investment from the Hanwha Investment Corporation, one of Korea’s leading private equity/venture capital firms with more than $500 million under management. The funds will be used toward the construction of 1366’s first large-scale commercial factory, scheduled to be online in 2017.
“Our Direct Wafer™ technology represents one of the most significant manufacturing innovations in solar, with the potential to propel the industry forward and deliver dramatic cost advantages,” said Frank van Mierlo, CEO, 1366 Technologies. “We are thrilled that Hanwha Investment Corporation, with its deep expertise in and understanding of the manufacturing industry, has invested. It is a tremendous validation of our commercialization plans, and a clear signal that we’re poised to disrupt the $10 billion and growing silicon solar wafer market.”
“Hanwha Investment Corporation actively seeks out companies with groundbreaking technologies that transform industries. In just a short period of time, 1366 has moved from proof of concept to commercial-ready technology, achieving technical milestones steadily and rapidly. We believe the 1366 team is well positioned for commercial success,” said Woojae Hahn, President and CEO, Hanwha Investment Corporation.
1366’s Direct Wafer technology is a transformative manufacturing process that offers significant advantages over traditional cast-and-saw wafer production technologies. The process makes wafers in a single step, pulling them directly from molten silicon instead of today’s multi-step, energy- and capital-intensive approach, resulting in significant wafer production cost savings.
ABOUT 1366 TECHNOLOGIES
1366 Technologies aims to deliver solar at a cost less than coal. The company combines breakthrough technology innovations with lean manufacturing processes to make a new class of silicon wafers, the building blocks of solar cells, at a fraction of today’s cost. Developed by a veteran team of scientists, engineers and entrepreneurs, the company’s novel approach breaks the historic efficiency and cost tradeoffs of photovoltaics. 1366 Technologies is headquartered in Bedford, MA. For more information, please visit www.1366tech.com.
ABOUT HANWHA INVESTMENT CORPORATION
Hanwha Investment Corporation is a venture capital / private equity firm based in Korea with over $500 million under management. Hanwha Investment Corporation invests in early stage and growth equity businesses in the bio-medical science, digital media, renewable energy and software. Hanwha Investment Corporation embodies and boasts its strategic collaboration with Hanwha Group, which is the 8th largest conglomerate in Korea. By leveraging Hanwha Group’s global presence with over 50 branches outside Korea and its expertise in the financial industry and various manufacturing industries, Hanwha Investment Corporation is uniquely positioned to maximize value creation for its portfolio companies throughout the investment and build-up stages.