GE, VantagePoint add $8m for breakthrough solar

GE Energy Financial Services and VantagePoint Venture Partners are adding $8 million to an investment in Massachusetts-based 1366 Technologies, which is working to develop breakthrough manufacturing processes that could cut in half the cost of photovoltaic solar panels.

The new investment comes on top of a $20 million funding round by North Bridge Venture Partners, Hanwha Chemical and Ventizz Capital Partners.

1366 Technologies will use the funds to further refine its solar wafer technology. In total, the company has raised almost $46 million from private investors, the majority of which was spurred by $4 million in federal funding it received from ARPA-E, a US Department of Energy agency set up to promote and fund research and development of advanced energy technologies—in October 2009.

1366 Technologies was the only solar photovoltaics company to receive ARPA-E funding out of 3,600 round-one applicants.

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