SOURCE: CaliSolar, Inc.

February 11, 2010 09:00 ET

Calisolar Acquires Ontario, Canada-Based 6N Silicon; Raises Additional $22.5 Million

U.S.-Based Solar Cell Manufacturer Streamlines Supply Chain

SUNNYVALE, CA--(Marketwire - February 11, 2010) - Calisolar Inc. today announced the acquisition of 6N Silicon Inc., an Ontario-based silicon supplier to Calisolar and the solar industry. The acquisition was completed through a stock-for-stock transaction between the two privately held companies. In addition, $22.5 million in funding was raised from existing Calisolar and 6N investors. The new funds will be used to increase capacity at the Sunnyvale, California cell manufacturing facility and expand silicon purification operations in Vaughan, Ontario. 6N Silicon will operate as a wholly owned subsidiary of Calisolar. 

Calisolar will tightly integrate 6N Silicon's innovative, low-cost, silicon purification techniques into its manufacturing process to deliver high-quality, high-performance solar cells. By optimizing silicon for wafering and cell manufacturing, Calisolar will significantly lower manufacturing and energy costs, improve silicon yield and enable scrap silicon recycling.

The United States and Ontario, Canada are expected to be among the highest growth markets in solar over the next five years and Calisolar will now be able to meet domestic content requirements through its combined manufacturing capacity in both markets.

"This is a major step towards our mission to reduce the cost of solar," said Roy Johnson, CEO of Calisolar. "With this acquisition of a world-class operation, talented people and new funding, Calisolar will rapidly grow in the U.S., Canada and around the world."

In January 2010, Calisolar began commercial shipments of solar cells, the critical components in solar panels that convert sunlight into electricity and are in the final stages of qualification at multiple global panel manufacturers.

"We are excited to join forces with Calisolar and expand our capacity in Ontario," said Paolo Maccario, CEO of 6N Silicon. "Calisolar is a recognized innovator and both companies have benefited from our history of collaboration. Together we will accelerate product development and trigger significant cost reductions for the solar market."

About 6N Silicon
6N Silicon has developed a low-temperature process that leverages the use of aluminum as a metal solvent for the cost-effective production of high purity solar grade silicon. The unique 6N Silicon approach satisfies two fundamental solar PV industry requirements: fast capacity growth and lower overall cost. Headquartered in the Greater Toronto Area, 6N Silicon is located in the heart of Canada's metal processing industry. More information is available at http://www.6nsilicon.com.

About Calisolar
Calisolar designs and manufactures high-performance solar wafers and cells with technologies that use lower cost silicon feedstock. The privately held company is incorporated in the U.S. with manufacturing operations and headquarters in Sunnyvale, California and a state-of-the-art research and development center in Berlin, Germany. In January 2010, Calisolar began commercial shipments from its Sunnyvale facility and was awarded a clean energy manufacturing tax credit of $51.6 million as part of the American Recovery and Reinvestment Act. Together, Calisolar and 6N Silicon have raised approximately $190 million, including the $22.5 million invested in February 2010. Investors include Advanced Technology Ventures, Globespan Capital Partners, Good Energies, Hudson Clean Energy, Ventures West and Yaletown Ventures. More information is available at http://www.calisolar.com.  

 

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