Confluence Solar, Inc., a manufacturer of single crystal silicon for the solar photovoltaic industry, has raised $12.7 million in capital. Confluence Solar, Inc. is opening a new facility in Hazelwood, Missouri to develop its HiCz single crystal silicon product.
Convexa Capital of Oslo, Norway led the Series A financing with additional investments from DC Chemical Co. (KRX:10060), Ltd., Scatec Adventure AS, Oceanshore Ventures and others.
"We thank our investors as well as our raw material partner DC Chemical
for their support and vision in participating in the development of the
HiCz product," said Tom Cadwell, CEO of Confluence Solar, Inc. "DC
Chemical’s commitment to supply polysilicon enables our entry into this
dynamic industry."
According to the National Renewable Energy Laboratory (NREL), greater than 90% of solar cells are made on silicon. With the development of HiCz manufacturers of solar products can receive greater watt output than from traditional multi crystal silicon platforms, Confluence Solar said in a release.
Dr. Frank Delk, Chief Technology Officer of Confluence Solar, Inc., said, "Confluence Solar’s strategy is to work closely with our customers to tailor our HiCz single crystal substrate to maximize the efficiency of their advanced solar cell designs."
About Confluence Solar, Inc.
Founded in 2007 by silicon industry veterans with the purpose of bringing premium quality, low-cost single crystal silicon as a platform for high efficiency cell design to solar cell manufacturers.
About DC Chemical Co., Inc.
DC Chemical Co., Ltd. is a leading Korean chemical producers engaging in a wide range of disciplines, such as inorganic chemicals, petro and coal chemicals, and fine chemicals. DC Chemical’s major products include carbon black, pitch, TDI, hydrogen peroxide, sodium percarbonate, soda ash, fumed silica, and polycrystalline silicon, a key raw material for solar cells and semiconductor wafers. As a global enterprise, DC Chemical has nurtured a strong competitive edge in various industrial fields. Recently, the company has entered into the renewable energy business, completed its 5,000-metric ton Polysilicon Phase 1 plant in December 2007 and entered into commercial production in March 2008. For more information visit www.dcchem.co.kr.
About Scatec AS
Scatec is based in Oslo, Norway and invests in and develops new businesses within the areas of renewable energy and environmentally friendly ‘advanced materials’. For more information visit http://www.scatec.no/.
About Convexa
Convexa is a leading Norwegian venture capital company that invests in early stage companies with disruptive technologies in solar energy and other energy related areas. Convexa has made several investments in solar energy including Solopower, Silicon Genesis Corporation (Sigen), Innovalight, Soliant Energy, Stellaris (all in the US) and Norsun and Metallkraft (Norway). For more information visit www.convexa.com.
About Oceanshore Ventures
Oceanshore Ventures is a Palo Alto, CA based venture capital firm that invests in companies in the alternative energy, environmental and advanced materials sectors.
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