6N Silicon Inc., an Ontario-based supplier of solar-grade silicon to the photovoltaic industry, has raised $20 million in second-round funding. Good Energies led the round, and was joined by return backers Ventures West Management and Yaletown Venture Partners.
6N Silicon Inc., a supplier of true solar grade silicon for the photovoltaic industry, announced today that it has secured up to USD $20 million in second round financing. This investment round was led by Good Energies, a leading global investor in the renewable energy and energy efficiency industry. Both major investors from the company's first round of private financing, Ventures West Management and Yaletown Venture Partners, also participated. The investment will be used by the company to move into commercial production.
6N Silicon's goal is to be the lowest cost provider of solar grade
silicon that does not require blending with high-purity silicon. 6N
Silicon's primary differentiation is its unique process for upgrading
standard metallurgical grade silicon into true solar grade silicon. With low capital equipment and production costs, the 6N process scales quickly and easily and features dramatically lower input energy requirements than conventional silicon purification processes.
“We are very excited that Good Energies, a proven investor in solar
photovoltaics, has chosen to support our company,” said Paolo Maccario, Chief Executive Officer of 6N Silicon. “Good Energies conducted a considerable amount of due diligence on our company and our process. This investment, therefore, is a significant endorsement by one of the industry's most respected investors, and is an important step towards achieving our goal of becoming a leading supplier of solar grade silicon within the next three to five years. We also sincerely appreciate the ongoing commitment from our initial investors and we look forward to leveraging their collective support to achieve our near-term goals.”
The global market for solar grade silicon feedstock in 2006 was
approximately $2.3 billion and is projected to grow to $10.4 billion by 2010. In constant short supply, polysilicon is the largest single cost component of most solar modules.
“Through its extensive pilot production line activities, 6N Silicon has
begun to deliver on the tremendous promise of its technology to produce true solar grade silicon at a lower cost and with lower environmental impact,” said Richard Kauffman, CEO of Good Energies. “Good Energies has a long and successful track record of working with renewable energy and energy efficiency companies and helping them to meet their full growth potential. We look forward to working with 6N Silicon's management to help them achieve their goals and to establish new customer relationships by leveraging our solar industry expertise and our international network with solar PV manufacturers.”
About 6N Silicon
6N Silicon has developed a disruptive process for the production of
true solar grade silicon. The solar industry has grown at over 30%
year-over-year for the past ten years, and the supply of purified silicon has become a critical competitive and growth-limiting issue. The 6N process offers substantial improvements in scale-up-speed, reduced capital cost and reduced operational costs. Headquartered in the Greater Toronto Area, 6N Silicon is in the heart of Canada's metal processing industry and is surrounded by Canada's extensive metal processing expertise. The company intends on becoming the leading global supplier of solar grade silicon to the solar industry. 6N Silicon is the recipient of the Deloitte & Touche Technology Green 15 Award as one of the top fifteen green technology companies in Canada. For more information, please visit the 6N Silicon web site at http://www.6nsilicon.com.
About Good Energies:
Good Energies is a leading global investor in the renewable energy and energy efficiency industry, focusing on investments in solar, wind, project finance and development as well as energy efficiency and green building.
The company also makes investments in the developing world and in other breakthrough renewable energy technologies. Good Energies is a member of COFRA Group, a privately owned group of companies. The investor is guided by the 3-P-principle (people-planet-profit) and is looking for meaningful long-term investments with outstanding growth potential. Being an investment firm, it seeks to help drive the transition to a low carbon, clean energy economy, including bringing affordable renewable energy to the developing world. Good Energies operates globally with offices in London, New York, Toronto, Washington D.C., and Zug. The annual investment budget is 350 million Euros (500 million US dollars). The current market capitalization of its portfolio amounts to more than four billion Euros (five billion US dollars). For more information, please visit the Good Energies web site at http://www.goodenergies.com.