Solar wafer manufacturing: 1366 Technologies receives USD 10 Million investment from Hanwha Investment Corporation

Solar wafer manufacturer 1366 Technologies (Bedford, Massachusetts, U.S.) on May 5th, 2016 announced it has received a USD 10 million investment from the Hanwha Investment Corporation (Seoul, South Korea), one of Korea’s leading private equity/venture capital firms with more than USD 500 million under management. The funds will be used toward the construction of 1366’s first large-scale commercial silicon wafer factory, scheduled to be online in 2017. “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. It is a tremendous validation of our commercialization plans, and a clear signal that we’re poised to disrupt the USD 10 billion and growing silicon solar wafer market.” “Hanwha Investment Corporation actively seeks out companies with groundbreaking technologies that transform industries. In just a short period of time, 1366 has moved from proof of concept to commercial-ready technology, achieving technical milestones steadily and rapidly. We believe the 1366 team is well positioned for commercial success,” added Woojae Hahn, President and CEO, Hanwha Investment Corporation. 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. source:http://www.solarserver.com