Hudson Clean Energy Partners increase investment; Silicor welcomes former AMAT Exec to Board
SAN JOSE, Calif.—Silicor Materials, Inc. ("Silicor"™), a manufacturer of high-quality solar silicon and aluminum by-products, has engaged Robert W. Baird & Co. Incorporated ("Baird") as its investment banker to assist with its next capital raise.
Silicor, in connection with this raise, has received $6 million in new funding from existing investor Hudson Clean Energy Partners, LLP ("Hudson"). This funding will support the company's continued operations and growth through its next capital raise.
Silicor is currently in advanced development work at multiple sites for a new solar silicon manufacturing plant, capable of producing 16,000 metric tons per year.
Silicor is the lowest-cost producer of high-quality solar silicon for the solar photovoltaic (PV) industry, with estimated cash production costs of approximately $9/kg and demonstrated quality and performance on par with traditional electronic-grade silicon. Silicor's proprietary technology can produce solar silicon for use in PV wafers and cells that achieve conversion efficiencies in excess of 17 percent.
"In a world where PV module producers have had to operate on minimal margins, it is critical that the solar industry finds a manufacturer able to produce high-caliber solar silicon at a fraction of the cost," said Neil Auerbach, founder and managing partner of Hudson. "Silicor offers a unique opportunity to greatly reduce production costs without compromising quality, and with prices for solar-grade silicon forecasted to increase in the coming years, the company is poised to capture a substantial share of the growing solar market."
Silicor also welcomed technology industry veteran Mark Pinto to its board of directors. Dr. Pinto most recently served as executive vice president for manufacturing equipment and software leader, Applied Materials, where he formed and led the company's solar energy business. His previous experience includes technical and managerial roles for Bell Laboratories and the Lucent Microelectronics Group.
"Silicor's customers will enjoy the benefit of a steady source of raw materials at competitive prices that will also help them generate attractive gross margins," said Dr. Pinto. "Silicor is a win-win solution for wafer, cell and module manufacturers looking for an edge in today's crowded market."
"From the lab to the boardroom, the world-class team we've amassed is a testament to the disruptive potential of our products," said Theresa Jester, CEO of Silicor. "Bolstered by support from organizations like Hudson, we believe we are well-positioned to lead the PV industry into a new era of sustainable profitability."