Solaicx Oversubscribes $1M Initial Funding Round

January 20, 2004 by Jeff Shepard

Solaicx (Los Gatos, CA), a new manufacturer of silicon wafers optimized for photovoltaic applications, announced it has oversubscribed its $1 million startup financing round from private investors and will deliver on its promise to offer solar electricity as a cost-competitive alternative to traditional electricity.

The funding close follows several major company achievements, including the opening of a new office and laboratory in Los Gatos, the filing of a number of core US patents, the addition of solar energy pioneer Bill Yerkes as CTO, and significant progress towards revenue generation. Solaicx will leverage its initial investment to aggressively develop its production equipment, build manufacturing infrastructure, and accelerate product development and launch.

"Our ability to acquire funding under current market conditions is an indication of the strength of the Solaicx team, its technology and its vision," said Robert Ford, CEO of Solaicx. "The current round of funding will allow us to broaden our engineering team, further enhance our core technology, and position the company for establishing the pilot factory."