Mar 18 2010
Iosil Energy Corporation ("Iosil"), an innovator in the production of high-purity solar grade polysilicon for the photovoltaic industry, announced today that it has secured $13.5 million in equity financing in an oversubscribed round.
New investors BankInvest New Energy Solutions, SiC Processing, Bekaert, Epic Ventures, and Gideon Hixon joined existing investors EnerTech Capital, Cycad Group, and Espirito Santo Ventures, Milcom Technologies, Applied Ventures, Phoenix Fire, and Merrimaker. The initial tranche allows the company to specify and engineer its pilot plant facility in one of several locations under consideration. The full investment will be used by the company to build out a pilot manufacturing plant and prepare for commercial introduction.
Iosil is uniquely positioned in the solar industry with a breakthrough technology for the production of high-purity (99.99999% pure) polysilicon. The company has demonstrated its ability to produce high-purity polysilicon from the waste material (or "kerf") created by wafer sawing operations, a market opportunity awaiting such a solution as well as via upgrading metallurgical grade silicon.
"Iosil is now moving from a successful research and development phase to a manufacturing scale-up of its technology. The solar market needs innovation throughout the value chain to reduce costs and enable growth in one of the largest segments of the renewable energy industry" said Earl Fuller, Chief Executive Officer of Iosil Energy Corporation. "We're thrilled with the quality of silicon recovered from our industry's waste stream, and this enabled us to achieve investment from important strategic players in the industry value chain, as well as financial investors."
"BankInvest New Energy Solutions has been monitoring the PV industry since the start of its first fund in 2002 and brings experience from two solar investments to the board of directors." said Michael S. Lauridsen, Partner. "The ongoing consolidation and price erosion in the PV industry make it increasingly difficult for new players to enter. We have seen many interesting solar technologies, but very few which have the potential to become successful. Iosil is the exception to the rule. Its disruptive technology can significantly reduce the price of Silicon as well as recycle the large amount of Silicon which is presently lost in wafer dicing. We believe Iosil has the potential to become a real game changer in a highly competitive market and we are proud to have invested in the company."
Iosil's technology can be used to produce polysilicon from metallurgical grade silicon, the traditional feedstock source, but also as mentioned, can cost effectively recover and purify silicon from sawing waste streams. The company plans to work with the strategic investors, industry leaders in their markets, to enhance market opportunities and customer collaborations.
"Iosil was the first to demonstrate production of high-purity polysilicon from kerf," said Thomas Heckman, Chief Executive Officer of SiC Processing. "We are pleased to have the opportunity to monitor their development and to work toward relationships that will mutually benefit the parties in strategic market opportunities."