1366 Technologies raised $20 million this week in second round funding from Hanwha Chemical and Ventizz Capital, along with earlier investors Polaris Venture Partners and North Bridge Venture Partners. 1366, whose name refers to the amount of sunlight hitting the earth (1366 watts per square meter), has developed a solar manufacturing process that will cut the cost of solar cells by 40 percent.
Their process can cut costs so dramatically because it involves a unique method of converting unprocessed silicon into usable wafers. This process reduces the cost of the silicon wafers, a key component of solar cells, by 80 percent. In the conventional manufacturing process, silicon is cast into big ingots or grown in giant crystals, then sawed off into thin slices. The result is a lot of wasted silicon, which is brittle and can turn to dust during the process. 1366′s approach is less wasteful, as explained by the New York Times:
The new technique, going from molten silicon to final product, is a bit like frying pancakes as opposed to slicing salami, except, as Mr. Danielson put it, “when you cut a salami, it’s not like half the salami ends up as salami dust that you have to throw in the garbage.”
MIT Professor Ely Sachs invented the process in 2009, and now 1366 plans to use its funding to build a factory for small scale production of its radically inexpensive technology. 1366 will begin selling its silicon wafers in 2012, and we’re all hoping to see this technology alter the solar world in a big way.
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