- 1366 Technologies and Hunt Perovskite have announced a merger in the form of CubicPV
- They plans to drive down costs of solar installations with the competencies of their respective technologies
- CubicPV has also raised $25 million from a host of investors, including First Solar, Inc.
US based direct wafer technology company 1366 Technologies, Inc. along with printed perovskite solar manufacturer Hunt Perovskite Technologies, LLC (HPT) have merged into a single entity called CubicPV. They say their merger combines 2 disruptive technologies to commercialize high-power tandem solar modules.
Tandem solar cells or multi-junction cells bring together 2 layers to create a solar cell that promises higher module efficiencies of up to 30%. In the case of CubicPV, the partners said perovskite semiconductors can effectively work as a tandem top cell, while direct wafer products can provide the optimum low-cost bottom cell.
“In a tandem structure, the bottom layer produces one-third of the device’s energy but still carries 100% of the production cost. It is here where the Direct Wafer cost advantage is essential,” said the duo in a joint statement without revealing other details.
The merging companies stressed that their merger will ‘drive down costs of solar installations’ with ‘durable solar technology’.
1366’s CEO Frank van Mierlo and HPT’s CTO Michael D. Irwin will continue to act as the CEO and CTO of CubicPV, respectively.
The new entity has been named CubicPV to reflect the shared cubic crystal structure of both silicon and perovskite, the 2 companies shared in a joint statement. With its birth, CubicPV has raised $25 million in funding from Hunt Energy Enterprises (HEE), First Solar, Inc., Breakthrough Energy Ventures (BEV), North Bridge Venture Partners and Polaris Partners.
Recently, 1366 Technologies said it was actively exploring manufacturing opportunities in India, while reacting to media reports of it planning a 2 GW solar wafer and cell production capacity in the Asian nation (see 1366 Planning Solar Manufacturing In India).