Bedford-based solar company 1366 Technologies Inc. has raised $9 million from an undisclosed strategic investor and some of its previous backers.
In a blog post on its website, the company said the money will be used to “Further our scaling plans and brings us closer to realizing our vision for the future where solar energy displaces coal as the cheapest fuel source on the planet.”
The company, founded in 2008 based on MIT research, has created a more efficient way to manufacture the silicon wafers that are at the core of solar panels.
1366 Technologies has now raised about $89 million in total, in addition to being awarded $150 million in loan commitments from the Department of Energy to build a 130,000-square-foot manufacturing facility.
The company identified a site in New York for that manufacturing facility, but is still working to officially secure the funding from the DOE. In the meantime, a company spokesperson said, 1366 is exploring the possibility of building its first factory abroad due to the commercial interest its technology has received internationally.
1366 Technologies employs about 60 people in its Bedford headquarters and demonstration manufacturing facility, where it has three custom-designed furnaces that create its silicon wafers.
This summer, the company announced that its new manufacturing process has also allowed it to beat the previous industry record for solar cell efficiency.