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May 6, 2016 - 8:29am

1366 Technologies announces new $10 million investment by Korean group

posted by Howard B. Owens in 1366 Technologies, STAMP, business, Alabama.

Press release:

Silicon wafer manufacturer 1366 Technologies (“1366”) today announced it has received a $10 million investment from the Hanwha Investment Corp., one of Korea’s leading private equity/venture capital firms with more than $500 million under management. The funds will be used toward the construction of 1366’s first large-scale commercial 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 $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,” said 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.

CLARIFICATION: We were asked to clarify a prior report that said the Hannah company that is purchasing solar wafers and the Hannah company making the investments in 1366 are the same company. While related, they are not the same company and operate independently.

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