Issue Date: June 27, 2011
1366 Technologies Gets Loan Guarantee
1366 Technologies has received a conditional commitment from the Department of Energy for a $150 million loan guarantee. The firm was spun off from MIT to develop a process that creates 156-mm multicrystalline solar wafers directly from molten silicon at what it says is a fraction of the cost of traditional wafers. It plans to use the loan to scale up its first facility, in Lexington, Mass., and build a second one, also in the U.S. The company has raised $46 million in venture capital financing since its founding in 2008.
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