Founded by silicon industry veterans, Confluence Solar has announced that the company has raised $12.7 million in capital. Confluence Solar is opening a new facility in Hazelwood, Missouri to develop its HiCz single crystal silicon product.
Convexa Capital of Oslo, Norway led the Series A financing with additional investments from DC Chemical Co., Ltd., Scatec Adventure AS, Oceanshore Ventures and others.
"Confluence Solar is developing a very attractive approach to lower the cost of ownership and improve the quality of silicon for solar applications," said Bjørge Gretland, Managing Partner of Convexa Capital.
Alf Bjørseth, Chairman of Scatec AS added, "Confluence Solar's experienced management team and technical approach have the potential to make a material change in producing silicon crystals for solar cells."
According to the National Renewable Energy Laboratory (NREL), greater than ninety percent of solar cells are made on silicon. With the development of HiCz manufacturers of solar products can receive greater watt output than from traditional multi crystal silicon platforms.
"Solar cell manufacturers who want to be on the cutting-edge delivering the most advanced use of solar technology will want to utilize HiCz single crystal silicon product," said Dr. Frank Delk, Chief Technology Officer of Confluence Solar, Inc.
"Confluence Solar's strategy is to work closely with our customers to tailor our HiCzTM single crystal substrate to maximize the efficiency of their advanced solar cell designs."
Confluence Solar, Inc. has developed strategic relationships with key suppliers for all critical raw materials, supplies and equipment including polysilicon.
"Confluence Solar's experienced management team and technical approach gained our support in both monetary investment and polysilicon supply agreements," stated Mr. Hyun Woo Shin, Vice Chairman of DC Chemical Co., Ltd.
"We thank our investors as well as our raw material partner DC Chemical for their support and vision in participating in the development of the HiCz product," said Tom Cadwell, chief executive officer of Confluence Solar, Inc. "DC Chemical's commitment to supply polysilicon enables our entry into this dynamic industry."
