Silicon wafer manufacturer 1366 Technologies (1366) has received a $10 million investment from the Hanwha Investment Corporation. The funds will be used for the construction of 1366’s first large-scale commercial factory, which is expected to have 250MW of annual capacity for the first phase.
1366 has won a five-year 700MW kerfless wafer purchase agreement from Hanwha Q CELLS after a one-year collaborative research. Q CELLS plans to apply 1366’s kerfless wafers on its polycrystalline PERC PV cell series, Q.ANTUM.
1366’s Direct Wafer technology is a transformative manufacturing process that offers significant advantages over traditional cast-and-saw wafer production technologies. The process makes wafers in a single step, pulling them directly from molten silicon instead of today’s multi-step, energy- and capital-intensive approach, resulting in significant wafer production cost savings.
The commercial-scale kerfless wafer factory will be located in New York State and is scheduled to be completed in late 2017. It will be the world’s first large-scale manufacturing factory for this kind of wafers.
“Our Direct Wafer™ technology represents one of the most significant manufacturing innovations in solar, with the potential to propel the industry forward and deliver dramatic cost advantages,” said Frank van Mierlo, CEO, 1366 Technologies. “We are thrilled that Hanwha Investment Corporation, with its deep expertise in and understanding of the manufacturing industry, has invested.”
According to PV Magazine, 1366 is still under few negotiations for other financing for the US$100 million factory. Van Mierlo denied to answer if the factory will begin construction in this quarter as planned, yet unveiled that “more good news soon” to PV Magazine.
Hanwha Investment Corporation is one of Korea’s leading private equity/venture capital firms with more than $500 million under management.