US Energy Minister visits 1366 Technologies Inc.
December 15, 2010
1366 Technologies Inc. (Lexington, MA, USA), in which VENTIZZ Capital Fund IV L.P. recently acquired an interest with Series B Financing, received a top-level visit by the US Energy Minister Dr. Steven Chu and also by Dr. Arun Majumdar, Director of the “ARPA-E Program” which belongs to the Energy Ministry (Advance Research Project Agency Energy).
1366 Technologies Inc. received a Recovery Act grant with a volume of USD 4 million from ARPA-E in October 2009. Since then, the company has already made major progress towards its target of significantly cutting the costs of wafer production with its highly innovative direct wafer technology. In addition, 15 new jobs have already been created, additional jobs are to be added in the coming months.
As part of his visit to 1366, Dr. Chu highlighted the fact that developing new methods and technologies for dealing with energy is one of the most important issues worldwide. Dr. Chu referred to the technologies developed by 1366 as being “very exciting”. The company “not only has one great idea, but has four to five key ideas”. Support from ARPA-E has allowed 1366 to successfully continue its growth and also to successfully obtain further funds for the company’s further development.
Ventizz Capital Partners was formed in 2000 and has offices in St. Gallen, Düsseldorf and Vienna. Ventizz Capital Partners exclusively advises the Ventizz private equity funds that offer equity capital for the growth of high-tech companies in German-speaking Europe. Ventizz has four partners and a team of a further 15 professionals and currently advises four funds with capital under management totaling EUR 675 million. Ventizz Capital Fund IV L.P. is the largest of the four funds set up to date. After six-months of fund-raising, this fund was closed at the end of 2007 with a capital volume of EUR 450 million and is thus one of the largest private equity funds for growth capital and medium-sized tech buy outs in German-speaking Europe.
To date, the Ventizz funds have invested in 35 companies focusing on renewable energy, medical technology, information and communication technology and on other industries offering high value-add. In addition to a large number of trade sales, Ventizz has successfully taken three of its portfolio companies public (ersol, SAF, PV Crystalox Solar).
On the internet at: www.ventizz.com
1366 Technologies, based in Lexington (MA, USA) eliminates the cost and production challenges that have hampered solar power's ability to replace fossil fuels. The company combines breakthrough innovations in silicon cell architecture with lean manufacturing processes to make the worlds most cost effective and commercially viable high efficiency solar cells. Developed by a veteran team of scientists, engineers and entrepreneurs, including MIT professor and photovoltaic industry expert Dr. Emanuel Sachs, the company's novel approach breaks the historic efficiency and cost tradeoff of photovoltaics.
On the internet at: www.1366tech.com