Iosil Energy Corporation, an Albuquerque, New Mexico-based producer of high-purity solar grade polysilicon for the photovoltaic industry, has secured raised the first close of a $13.5m equity financing round.
New investors BankInvest New Energy Solutions, SiC Processing, Bekaert, Epic Ventures, and Gideon Hixon joined existing investors EnerTech Capital, Cycad Group, and Espirito Santo Ventures, Milcom Technologies, Applied Ventures, Phoenix Fire, and Merrimaker.
The initial tranche of the round allows the company to specify and engineer its pilot plant facility in one of several locations under consideration. The full investment will be used to build out a pilot manufacturing plant and prepare for commercial introduction.
Founded in 2007, Iosil Energy Corporation has its R&D facilities located in the National Institute for Nanotechnology in Edmonton, Alberta.