Septemebr 8, 2011: Congrats 1366 Technologies for Energy Dept Funding For Revolutionary Solar Tech
$150 million loan guarantee will support 70 permanent and 50 construction jobs in Massachusetts
MEDFORD, MA– Congressman Edward J. Markey (D-Malden), top Democrat on the Natural Resources Committee and dean of the Massachusetts Congressional delegation, congratulated 1366 Technologies Inc. of Lexington, for receiving finalization today of a $150 million loan guarantee from the Department of Energy (DOE) that will support the company’s groundbreaking new solar manufacturing process. The “Direct Wafer” process will reduce the manufacturing costs of silicon-based wafers, the key component of solar cells, by up to 50 percent, helping substantially cut the cost of solar power. DOE reports the first phase of the solar manufacturing project will be located in Lexington, Massachusetts and is expected to generate 70 permanent jobs and 50 construction jobs.
“Massachusetts and the 7th District are national beacons for American clean energy innovation and 1366 Technologies is one of our brightest lights,” said Rep. Markey. “This funding recognizes that 1366 Technologies is a model for the innovation and clean energy technology which is driving job creation and economic growth here in the 7th District and all around the nation. With competition thriving in the solar industry and solar panel prices falling 42 percent so far this year, 1366 Technologies is rolling out a revolutionary manufacturing process that will slash solar costs even further.
“This new technology from 1366 Technologies is a homegrown clean energy success story – a concept born at M.I.T., developed with the help of federal research investments in Lexington, and now going into production to create jobs here in the Commonwealth,” continued Rep. Markey. “We are in a battle to maintain competitiveness with the Chinese in clean energy, and 1366 Technologies is on the front lines. I congratulate them for securing this prestigious award that recognizes the most promising clean energy projects.”
The funding is being awarded through DOE’s loan guarantee programs that support the deployment of commercial technologies and innovative technologies that address greenhouse gas emissions. DOE has issued loans, loan guarantees or offered conditional commitments for loan guarantees totaling over $40 billion to support 40 clean energy projects across the United States.