1366 Technologies, a new MIT start-up aiming to make silicon solar cells competitive with coal, announced it has secured $12.4 million in a first round of financing co-led by North Bridge Venture Partners and Polaris Venture Partners.
MIT Professor, 1366 founder and Chief Technology Officer, Ely Sachs, noted that 1366 Technologies will be combining innovations in silicon cell architecture with manufacturing process improvements to bring multi-crystalline silicon solar cells to cost parity with coal-based electricity.
Sachs added, "The science is understood, the raw materials are abundant and the products work. All that is left to do is innovate in manufacturing and scale up volume production, and that’s just what we intend to do."
The company said it has acquired space in Lexington to build its pilot solar cell manufacturing facility.
1366 Technologies’ roadmap includes a new cell architecture that uses innovative, low-cost fabrication methods to increase the efficiency of multi-crystalline solar cells. This architecture, developed at MIT, improves surface texture and metallization to enhance silicon solar cell efficiency by 25% (from 15 – 19%) while lowering costs.
1366 Technologies will partner with solar companies and government agencies, licensing its technology to accelerate the ongoing global transition to solar. In addition, the company plans to build industrial, 100 megawatt plants around the world.
"Once the pilot plant 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.
Professor Sachs previously invented the String ribbonTM wafer technology being commercialized at Evergreen Solar, a leading developer of solar energy products. Both a founder and investor in 1366 Technologies, Sachs is taking a leave of absence from MIT to help build the company based on research developed at and licensed from MIT.
Sachs is joined by 1366 Technologies co-founder and investor, Frank van Mierlo, who serves as the company’s president. Harvard Business School professor Joseph Lassiter rounds out the board of directors, all of whom hold degrees from MIT.
About 1366 Technologies
1366 Technologies’ goal is to build on the success of multi-crystalline solar cells and manufacturing capacity to accelerate the transition to solar. Its products and technologies improve on the multi-crystalline solar cell by lowering manufacturing costs and increasing efficiency.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California, founded in 1994. With approximately $2.6 billion under management, including North Bridge Growth Equity, a growth equity firm that invests in technology middle-market companies, North Bridge Venture Partners focuses on investments in the communications, software, internet, healthcare technology and materials markets. For more information, visit North Bridge’s website at www.northbridge.com
About Polaris Venture Partners
A national venture capital firm with over $3 billion under management, Polaris invests in seed, early stage and growth equity businesses in the technology, life science, digital media, enertech and consumer sectors. For more information, please visit: www.polarisventures.com.
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