Posted in | News | Nanoenergy | Nanobusiness

New Funding to Support First Production Facility in Silicon Valley to Meet Initial Customer Demand

Applied Quantum Technology (AQT), a leading developer of low-cost CIGS (copper-indium-gallium-diselenide) thin-film solar cells, today announced that it has secured $10 million in venture funding. The latest investment from the original investor syndicate and additional undisclosed investors will be used to build out AQT's first manufacturing line, to be located in Silicon Valley, and to aggressively expand the company's staff in anticipation of full-scale production over the next 12 months. This funding round, which has completed its initial close, raises the total amount of funds that AQT has attracted to date to almost $15 million.

In a related press release today, AQT and Intevac (NASDAQ:IVAC), a leading provider of high-productivity manufacturing equipment, announced a business agreement in which Intevac will provide AQT with equipment for its production needs. In April, AQT will build out an initial 15MW production line at its new Silicon Valley development and manufacturing location to fulfill current customer orders due by year end and plans aggressive growth thereafter.

“We have unique CIGS process technology, a dedicated group of investors, a seasoned team of executives and a core syndicate of established partners,” said Michael Bartholomeusz, CEO, AQT. “This latest investment is a testament to the enormous progress we have made in the last 12 months across our company and will fuel substantial milestones over the next four quarters.”

AQT is leveraging the manufacturing technologies and platforms that have been field-proven in the hard disk drive industry. AQT's CIGS technology, dubbed CIGS 2.0, allows for continuous in-line manufacturing, which simplifies and streamlines the manufacturing process, resulting in the highest projected capital utilization efficiency in the industry, while minimizing costs.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.