By Greentech
Lead Team: Solar Junction, a developer of multi-junction cells for concentrated
photovoltaic (CPV) market, has closed its Series D financial round of $19.2
million from current investors with an additional strategic investment from
IQE.
New
Enterprise Associates (NEA), Advanced Technology Ventures (ATV), Draper Fidher
Jurvetson (DFJ) and IQE invested in Solar Junction.
This
investment and partnership is to scale up Solar Junction’s manufacturing of its
world record cell of 43.5 percent efficiency.
“In the
face of all the externalities hindering solar – pricing, overseas competition,
financial markets – Solar Junction has multi-megawatt orders, the financing,
the manufacturing capacity and the world record for cell efficiency that will
catapult CPV into newer and bigger markets,” said Jim Weldon, Solar Junction founder and CEO.
Solar
Junction will be able to meet demand and fulfill current and future orders with
a number of CPV companies.
Solar
Junction will engage with additional module manufacturers to further
technological advances within the CPV market. Solar Junction’s world record
efficiency and sustainable efficiency roadmap exceeding 50 percent within the
decade is a key enabler to reduce CPV module costs to meet the U.S. Department
of Energy’s $ / 1 watt objective.
Solar
Junction is currently manufacturing CPV cells at a multi-point production
efficiency advantage over current market leaders. Customers immediately realize
the cell’s efficiency benefit in reductions to LCOE (levelized cost of energy)
and $/watt of their CPV modules.
“This
is a potentially transformational opportunity. The CPV market has reached an
inflection point in terms of cost comparisons with fossil fuels and is
promising impressive growth potential,” said Drew Nelson, CEO of IQE.
Solar
Junction sought a strategic epi partner, and selected IQE due to its proven
expertise in high volume epitaxy, its established reputation in the CPV market
and IP, complements Solar Junction’s own technology roadmap to higher
efficiencies. IQE is investing $5 mil and receives an exclusive multi-year epi
wafer supply contract with Solar Junction.
“Another
Silicon Valley success story and it couldn’t come at a better time,” said
Silicon Valley Leadership Group CEO Carl Guardino.
Solar
Junction’s cells incorporate the company’s proprietary adjustable spectrum
lattice-matched, A-SLAM technology. This financing and partnership enables
Solar Junction to scale to high volume manufacturing of its world record
efficiency cells for the benefit of its customers, while continuing to
manufacture in the U.S.