Hunt Perovskite Technologies has joined forces with 1366 Technologies, a US-based energy company, in a newly formed company Known as CubicPV™.
The merger combines two technologies – 1366's Direct Wafer® process and HPT's printed perovskite photovoltaic (PV) technology – to bring to market tandem modules. The newly combined company, called CubicPV, will also receive $25 million in funding from Hunt Energy Enterprises, L.L.C. (HEE), First Solar, Inc. (NASDAQ: FSLR), Breakthrough Energy Ventures (BEV) and others. HEE will join the Board of Directors.
During the last two years, 1366 has been working towards a tandem future, attracting the support of BEV and returning investors that recognize the fundamental role Direct Wafer technology could play in making tandem modules a reality. The merger with HPT will aim to pave a path to long-term tandem leadership.
"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 and the new 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 Hunter Hunt, CEO, Hunt Energy, the parent company for both Hunt Perovskite Technologies and Hunt Energy Enterprises. "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, 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."
1366 and HPT will begin to operate immediately as CubicPV, with offices in Bedford, Massachusetts, and Dallas, Texas. The name holds significance as it reflects the shared cubic crystal structure of both silicon and perovskite.
North Bridge Venture Partners and Polaris Partners joined Breakthrough Energy Ventures, First Solar, and HEE in funding the new entity.