1366 Technologies, Inc., a North Lexington, Massachusetts-based company that develops innovative manufacturing solutions for silicon photovoltaics, has raised a further $8.4m extension of a $20m funding round.
New investors GE Energy Financial Services, a unit of GE (NYSE:GE), and VantagePoint Venture Partners, have joined existing investors North Bridge Venture Partners, Hanwha Chemical and Ventizz Capital Partners.
1366 Technologies will use funds to further refine its technology. The company has developed a process to create silicon wafers, the main components of photovoltaic solar panels, which reduce the cost of current processes by 65%.
Led by CEO Frank van Mierlo, 1366 Technologies has raised almost $46m from private investors to date.