MIT Startup 1366 Technologies Raises $12 Million

Lexington, Mass. –– 1366 Technologies, a new MIT start-up aiming to make silicon solar cells competitive with coal, announced it has secured $12.4 million in a first round of financing co-led by North Bridge Venture Partners and Polaris Venture Partners. MIT Professor, 1366 founder and CTO, Ely Sachs, noted that 1366 Technologies will be combining innovations in silicon cell architecture with manufacturing process improvements to bring multi-crystalline silicon solar cells to cost parity with coal-based electricity. Sachs added, “The science is understood, the raw materials are abundant and the products work. All that is left to do is innovate in manufacturing and scale up volume production, and that’s just what we intend to do.” The company has just taken space in Lexington to build its pilot solar cell manufacturing facility. Link.