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6N Silicon Raises $6 Million in Venture Capital Financing
• Company developing a revolutionary approach to the production of solar grade silicon for the photovoltaic industry
Toronto, ON – July 10, 2007 – 6N Silicon Inc., a developer of solar grade silicon purification technology, announced today it has secured CDN $6 million in its first round of venture capital financing. Ventures West and Yaletown Venture Partners led the round.
6N Silicon was founded in 2006 by Scott Nichol to develop and commercialize a proprietary process for purifying inexpensive, readily available metallurgical grade silicon into solar grade silicon using a low cost metallurgical processing. 6N's silicon purification process provides a revolutionary approach to the production of solar grade silicon for the photovoltaic industry.
“The solar industry was traditionally supplied with scrap silicon from the electronics industry. With the torrid growth of the solar industry over the past few years, this is no longer sustainable,” says David Berkowitz, General Partner with Ventures West. “6N’s unique process has the potential to clear the bottleneck for photovoltaic manufacturers.”
The global market for solar grade silicon feedstock in 2006 was approximately $2.3 Billion and is projected to grow to $10.4 Billion by 2010.
“This is an opportune time to think big,” explains Scott Nichol, Founder and CTO of 6N Silicon. “Ontario and Canada have the opportunity to develop a domestic solar industry that includes the entire manufacturing value chain and 6N’s technology will play a part in that.”
“Creating technology driven solutions to constrain carbon use is a complex endeavor with significant upsides and hurdles along the path of development,” says Kirk Washington, General Partner with Yaletown Venture Partners. “The opportunity for 6N is a unique one because their system is elegant – it is both efficient and effective.”
The company concurrently announced that Sustainable Development Technology Canada is contributing $4 Million to a project to develop a pilot line to demonstrate 6N’s technology. By significantly reducing the cost and energy consumed purifying the principal material used in the manufacturing of crystalline photovoltaic cells, the project aims to help speed up the adoption and growth of photovoltaic power.
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About 6N Silicon Inc.
6N Silicon Inc. is developing a proprietary process for purifying inexpensive, readily available metallurgical grade silicon into solar grade silicon using a low cost metallurgical processing. 6N's proprietary low-cost silicon purification process provides a revolutionary approach to the production of solar grade silicon for the photovoltaic industry. For more information visit www.6nsilicon.com
About Ventures West
Ventures West Capital Ltd., a private venture capital investment group, is one of Canada's leading investors in seed and early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 150 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. For more information, visit www.ventureswest.com.
About Yaletown Venture Partners
Yaletown Venture Partners is a venture capital firm that invests in seed and early-stage energy and technology companies. Its financial partners include some of the largest institutional investors in Western Canada and the Pacific Northwest. The firm is headquartered in Vancouver, Canada. For more information, visit www.yaletown.com.
About Sustainable Development Technology Canada (SDTC)
Sustainable Development Technology Canada (SDTC) is an arm's length, not-for-profit corporation created by the Government of Canada. SDTC currently operates a $550 million fund to support the development and demonstration of clean technologies - solutions that address issues of clean air, greenhouse gases, clean water, and clean soil to deliver environmental, economic and health benefits to Canadians. For more information, visit www.sdtc.ca.
Contact Information:
Scott Nichol
6N Silicon Inc.
scott@6Nsilicon.com
(905) 795-7800
Christine Ramsay
Ventures West
cramsay@ventureswest.com
(416) 861-2280
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