Monday, March 31, 2008

1336 Technologies: $12M raised for a solar start-up

Solar technology startup 1336 Technologies, Inc. announced the close of its first round of institutional venture capital financing, receiving $12 million.

1336 Technologies is a Massachusetts Institute of Technology spinout company that has a new cell architecture that uses low-cost fabrication methods to increase the efficiency of multi-crystalline solar cells.

Plans include building industrial-scale, 100 megawatt plants around the world. Their 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.

North Bridge Venture Partners and Polaris Venture Partners co-led the funding round. The company said it would use the proceeds for further development and to acquire manufacturing space.

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