On Monday, two U.S. companies at the leading edge of solar energy materials, ultra-low-cost Direct Wafer innovator 1366 Technologies and printed perovskite solar photovoltaic maker Hunt Perovskite Technologies (HPT), announced their merger. The tie-up creates not only a new company–to be called CubicPV–but also a hybrid solar technology known as tandem modules that combine Direct Wafer with perovskite.
CubicPV will receive $25 million in additional funding from Hunt Energy Enterprises (which will also join the company’s board), listed solar energy firm First Solar, Bill Gates-founded climate-focused VC fund Breakthrough Energy Ventures, North Bridge Venture Partners, and Polaris Partners. The company will be dually headquartered in Bedford, Massachusetts and Dallas, Texas.
In a statement explaining the technology rationale for the tie-up, the companies noted that conventional solar energy panels have historically used a single light-absorbing materials (generally silicon) to convert sunlight into electricity. This is known as single-junction photovoltaic material, and it has an inherent maximum efficiency of 24 percent. But multi-junction (or tandem) technology adds a second light absorbing material into one device, boosting the power output of the end panel by 30 percent while also delivering cost synergies.
While perovskite materials have been used successfully in single junction devices, they are also well suited as a top layer in tandem modules (because their light absorption characteristics are highly adaptable), using cheaper, Direct Wafer products (which produce a third of the device’s energy but carry all of the production cost) as a cost-efficient bottom layer.
“Tandem solar is the future”
“Our singular Direct Wafer process is the crucial advantage in making tandem modules a reality and with the HPT merger, we have the blueprint for achieving economically-viable, tandem solutions for terawatt-scale,” said Frank van Mierlo, CEO of 1366 Technologies, who will also lead the newly anointed CubicPV. “Since their founding, both companies have championed the importance of low-cost manufacturing innovations to achieving the world’s energy transition goals. By joining forces, our combined entity is uniquely positioned to lead the rapidly growing solar industry.”
“This agreement will unite two of the solar industry’s most disruptive technologies to dramatically boost the energy harvest and drive down costs of solar installations, helping to meet the world’s electrification and climate goals,” said Michael D. Irwin, CTO of HPT and the newly formed CubicPV. “The value of our combined assets will write the next chapter for clean solar energy and underpin a massive industry that leads through innovation and cooperation to enable the leap to tandem PV.”
“Eight years ago, Hunt made the strategic decision to focus on developing perovskite solar cells, recognizing its importance as a ‘next generation technology’ to compliment silicon and help address the world’s energy needs,” said Hunt Energy CEO Hunter Hunt, whose firm is the parent company of HPT. “By merging with 1366, we collectively are uniquely positioned to lead the industry in the development and manufacturing of affordable, durable solar technology. Hunt is thrilled to join BEV and the other shareholders in supporting the mission.”
“Our priority as a venture fund is to build the new, cutting-edge companies that will dramatically improve our chances of dealing with climate change. The combined entity resulting from the merger of 1366 and HPT is one such example,” said Carmichael Roberts of Breakthrough Energy Ventures. “We commend Hunt for taking an early lead in the development of perovskite technology and for their vision. Tandem solar is the future and their investment into the combined entity will have made a meaningful contribution to that future.”
