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
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.”
Silicor is a manufacturer of high-quality solar silicon and aluminum
by-products. The company’s silicon purification operations are performed
by its wholly owned subsidiary, Silicor Materials Canada Inc., in
Ontario, Canada; its state-of-the-art research and development center is
located in Berlin, Germany. Silicor’s investors include Advanced
Technology Ventures, Globespan Capital Partners, Good Energies, Hudson
Clean Energy Partners and Ventures West. For more information, please
Hudson is a private equity firm that invests in the dynamic and
fast-growing clean energy market. Hudson invests in companies focused on
renewable power, alternative fuels, and energy efficiency and services.
Hudson’s investment strategy focuses on high-growth, asset-based,
capital intensive segments of the clean energy value chain using
commercialized technologies to extract energy from wind, solar,
geothermal, hydroelectric, biomass and other renewable sources. Further
information about Hudson can be found at www.HudsonCEP.com.
Baird is an employee-owned, international wealth management, capital
markets, private equity and asset management firm with offices in the
United States, Europe and Asia. Established in 1919, Baird has
approximately 2,800 associates serving the needs of individual,
corporate, institutional and municipal clients. Baird had $105 billion
in client assets on June 30, 2013. Committed to being a great place to
work, Baird ranked No. 14 on FORTUNE’s 100 Best Companies to Work For in
2013 – its tenth consecutive year on the list. Baird’s principal
operating subsidiaries are Robert W. Baird & Co. Incorporated in the
United States and Robert W. Baird Group Ltd. in Europe. Baird also has
an operating subsidiary in Asia supporting Baird’s investment banking
and private equity operations. For more information, please visit
Baird’s Web site at www.rwbaird.com.
“Silicor” is a trademark of Silicor Materials, Inc. All Rights Reserved.
Copyright Business Wire 2013