Saturday, March 29, 2008

MIT spin-off 1366 Technologies raises 12,4 M$ financing

A new solar energy start-up called 1366 Technologies has just received $12.4 million in venture capital to help foster and enhance a solar technology created by MIT professor Emanuel Sachs. The financing round for 1366 Technologies was co-led by North Bridge Venture Partners and Polaris Venture Partners.
Sachs invented string ribbon solar manufacturing, which is a new way to produce and maintain solar energy cells.  It makes the alternative energy source more accessible and affordable.
The technology was seen as a crucial step in solar energy, and an entire company was created around in in December 2007.  Since then, the main setback has been a lack of funds.

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