1366 Technologies and Hunt Perovskite Technologies announce merger
Solar Manufacturing and Materials Innovators Join Forces to Accelerate Development of High Power Tandem Modules
The newly consolidated company, known as CubicPV ™, secures $ 25 million in funding from Hunt Energy Enterprises, First Solar, Breakthrough Energy Ventures and returning investors to support the tandem effort
BEDFORD, Mass., and DALLAS, June 28, 2021 / PRNewswire / – 1366 Technologies, Inc. (1366) and Hunt Perovskite Technologies, LLC (HPT), two of the most innovative companies in the solar industry, today announced the merger of their businesses. The merger combines two disruptive technologies – the 1366 Direct Wafer® process and HPT’s printed perovskite solar photovoltaic (PV) technology – to bring powerful modules to market in tandem to lead the rapidly growing solar industry. The new merged company, called CubicPV, will also receive $ 25 million in the financing of Hunt Energy Enterprises, LLC (HEE), First Solar, Inc. (NASDAQ: FSLR), Breakthrough Energy Ventures (BEV) and others. HEE will join the Board of Directors.
1366 Technologies and Hunt Perovskite Technologies Merge. The new merged company, CubicPV, is raising $ 25 million in financing
To date, the solar industry mainly relies on single junction PV technology or the use of a single light absorbing material, often silicon, to convert sunlight into electricity. This technology approaches a module efficiency cap of 24%, thanks to small incremental gains. Tandem technology, also known as multi-junction, introduces much needed dynamics in that it superimposes two light absorbers in a single fixture, thereby breaking the barrier of efficiency of single junction fixtures and increasing the output power of the panel. 30% end.
TWO MATERIALS WORKING TOGETHER
Perovskite materials have enormous potential in single junction devices given their inherent cost advantages and are ideal for tandem modules due to their highly adjustable light absorption properties. It is the latter that enable perovskite semiconductors to efficiently capture visible sunlight as a tandem upper cell, while Direct Wafer products provide the optimum low cost lower cell for harnessing the infrared portion of the solar spectrum. In a tandem structure, the lower layer produces one-third of the device’s energy but still bears 100% of the production cost. This is where the Direct Wafer cost advantage is essential.
Over the past two years, 1366 has worked towards a tandem future, attracting the support of BEV and loyal investors who recognize the fundamental role Direct Wafer technology plays in the realization of tandem modules. The merger with HPT will pave the way for long-term tandem leadership.
Interest in perovskite technology has increased given the material’s potential for high efficiency, low cost, and wide applicability in the semiconductor industry, particularly solar. Perovskite solar devices are rapidly approaching the efficiency records set by silicon photovoltaics. The main remaining barrier to commercializing perovskite solar technology is sustainability; an area where HPT has excelled. HPT solved the issue of durability through better chemistry and building intrinsic stability in the material itself, making it much more robust. HPT has developed one of the strongest global technology patent portfolios with over 160 patent assets to its name.
“Our unique direct wafer process is the crucial advantage in making tandem modules a reality and with HPT fusion we have the model to achieve economically viable tandem solutions at the terawatt scale,” said Frank van Mierlo, CEO of 1366 Technologies and the new CubicPV. “Since their founding, the two companies have championed the importance of low-cost manufacturing innovations to achieve energy transition goals around the world. By joining forces, our combined entity is uniquely positioned to lead the rapidly growing solar industry.
“This agreement will bring together two of the most disruptive technologies in the solar industry to dramatically increase energy harvest and reduce the costs of solar installations, thereby helping to meet global electrification and climate goals,” said Michael D. Irwin, CTO of HPT and the all new CubicPV. “The value of our combined assets will write the next chapter in clean solar power and support a massive industry that leads through innovation and cooperation to enable the leap to PV in tandem. “
“Eight years ago, Hunt made the strategic decision to focus on the development of perovskite solar cells, recognizing its importance as a ‘next generation technology’ to complement silicon and help meet global energy needs.” , said Hunter hunting, CEO of Hunt Energy, the parent company of Hunt Perovskite Technologies and Hunt Energy Enterprises. “By merging with 1366, we are collectively in a unique position to lead the industry in the development and manufacture of affordable and sustainable solar technologies. Hunt is delighted to join BEV and other shareholders in supporting the mission.
“Our priority as a venture capital fund is to create new cutting-edge companies that will significantly improve our chances of dealing with climate change. The combined entity resulting from the merger of 1366 and HPT is one example,” said Carmichael Roberts, Revolutionary Energy Companies. “We congratulate Hunt for taking the lead in developing perovskite technology and its vision. Tandem solar is the future and their investment in the combined entity will have made a significant contribution to that future.”
ADDITIONAL DETAILS AND ADVISORS
1366 and HPT will begin operating immediately under the CubicPV name, with offices in Bedford, Massachusetts, and Dallas, Texas. The name has significance because it reflects the shared cubic crystal structure of silicon and perovskite.
North Bridge Venture Partners and Polaris Partners joined Breakthrough Energy Ventures, First Solar and HEE to fund the new entity. Wilmer hale served as legal counsel to 1366 Technologies and Baker Botts acted as legal counsel to HEE.
ABOUT 1366 TECHNOLOGIES
1366 Technologies is regularly recognized as one of the most innovative companies in the world in the energy field. Its Direct Wafer® technology replaces a decades-old solar manufacturing process to manufacture a higher class of silicon wafers, the building blocks of solar cells. These wafers provide high performance and an unbeatable cost advantage to cell and module manufacturers looking for innovations that deliver significant discounted cost of energy (LCOE) and will help them win in the terawatt age. solar. 1366 Technologies is headquartered in Bedford, MA. For more information, please visit www.1366tech.com.
HPT specializes in the development of highly stable and efficient metal halide perovskite materials for use in single junction and tandem photovoltaic solar panels for the utility market. HPT was created and incubated within Hunt Energy Enterprises, the business unit of Hunt’s energy technology company. It is part of a larger group of private companies managed by the Ray L. Hunt family engaged in oil and gas exploration, refining, electricity, real estate, animal husbandry and private equity investments. For more information visit www.huntperovskite.com.
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SOURCE 1366 Technologies