Solaicx, a manufacturer of mono-crystalline silicon ingots and wafers for photovoltaic applications, has closed a $27.1 million Series C financing.
The lead investor was the D. E. Shaw group, along with follow-on investments from Applied Ventures, LLC, Firsthand Capital Management, Big Sky Ventures, and Greenhouse Capital Partners. Mitsui Ventures invested for the first time.
“We have a strong interest in emerging leaders in the alternative energy space and are delighted to support Solaicx through this investment,” said Alexander Wong, head of venture capital at the D. E. Shaw group. “Solaicx plays a crucial role in the solar energy value chain. Their continuous ingot growth technology provides the best of both worlds by increasing energy conversion efficiencies and reducing material costs. Ultimately, this translates to more cost-competitive solar energy for everyone.”
Solaicx’s proprietary, continuous Czochralski (CZ) high-volume ingot and wafer production system improves on every factor of the manufacturing process, resulting in superior quality silicon ingots, according to the company. Solaicx’s streamlined ingot production techniques result in up to 30% higher efficiencies in polysilicon feedstock usage, enabling reduced costs throughout the solar value chain.
Said Bob Ford, president and CEO of Solaicx, “The scale of this funding round enables us to execute on our large-scale manufacturing plans – to deliver on our promise to dramatically reduce the cost of solar. In the end, this allows more people to take advantage of this critical energy technology.”
Loading...