1366 Technologies Raises $15M in Series C Funding

1366 Technologies, a Bedford, MA-based silicon wafer manufacturer, raised $15m in Series C funding.

The round, which brought the total amount raised to date to $62m, was led by Tokuyama Corporation, with participation from returning investors North Bridge Venture Partners, Polaris Venture Partners, VantagePoint Capital Partners and Energy Technology Ventures (a joint venture involving General Electric, NRG Energy and ConocoPhillips).

The company will use the funds to build a full-scale manufacturing facility, which will initially produce 250 MW or 60 million standard silicon wafers per year and ramp up to 1 GW annually. Building is scheduled to commence in 2014.

Led by Frank van Mierlo, CEO, 1366 Technologies recently opened its demonstration factory in Bedford, Massachusetts and has advanced its Direct Wafer™ technology, a manufacturing process that aims to reduce the costs to transform silicon to wafers. During the next year, the company will continue to accelerate production to reach its manufacturing goal of more than 3,500 wafers per day (5 MW per year) for each furnace.



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