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Posted: April 7, 2010
Applied Quantum Technology Secures $10 Million to Fuel Next Stage of Growth
(Nanowerk News) 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, 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.
Founded in 2007, AQT (Applied Quantum Technology) deploys a proprietary process on proven manufacturing platforms to produce high-performance, low-cost CIGS thin-film solar cells.