(Corrects factory location in first paragraph.)
(Bloomberg) — 1366 Technologies Inc., a producer of wafers
used in solar panels, received a $5 million investment from
China’s Haiyin Capital as it raises funds to build a factory in
the U.S.
The deal brought the manufacturer’s Series C round of
funding for the project to $22.5 million, Bedford,
Massachusetts-based 1366 said Thursday in an e-mailed statement.
The company’s total financing has reached $69.5 million.
1366’s planned manufacturing facility initially will
produce about 60 million wafers annually, which corresponds to
250 megawatts of power-generation capacity. The company’s Direct
Wafer Technology produces them in a single step that reduces
waste, improves efficiency and cuts costs, according to the
company’s website.
1366 can sell wafers for at least 10 percent less than
competitors, Chief Executive Officer Frank van Mierlo said in
September. The wafers are put into the cells used in
photovoltaic panels.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada