- Company developing a cost-effective, non-hazardous process to improve the efficiency of solar cells
Montreal, QC – November 7, 2007 – SiXtron, a developer of thin film coatings for solar cells, announced today that they have raised CDN $10 Million in Series A Financing, led by Ventures West. Also participating in the deal were existing investors iNovia Capital, Innovatech sud du Québec, and Fonds d’investissement en développement durable (FIDD).
Founded in 2004, SiXtron is a joint spin-off of technology developed out of Bishop's University and the Université de Sherbrooke. The company is based in Montreal and is focused on developing highly scalable and cost-effective, amorphous silicon carbide (SiC)-based thin film coatings for the solar industry.
“We believe SiXtron’s SiC-based thin films have the potential to become the de facto standard for cell passivation and anti-reflective coatings within the industry,” said David Berkowitz, General Partner with Ventures West. “In our view, the combination of increased cell efficiency and improved safety at the operations level will allow SiXtron to rapidly displace the incumbent coating solution and gain significant traction in the marketplace.”
One of the final steps in the fabrication of silicon solar cells is the application of passivation and anti-reflective coatings. The purpose of this manufacturing step is to optimize cell efficiency. SiXtron’s proprietary “silane free” process for the deposition of SiC composite thin films offers several compelling advantages over conventional silicon nitride (SiN) coatings, the current dominant solution within the industry. These include enhanced solar cell and module performance and eliminating the use of extremely pyrophoric silane gas (used in SiN coatings). Since a fatal gas explosion at a Taiwanese solar cell production facility in 2005, the industry has been looking for a reliable alternative.
“We have attracted a number of experienced cleantech investors to this deal,” said Zbigniew Barwicz, President and CEO of SiXtron. “This investment will enable us to finalize agreements with key customers, and to start shipping our products in volume over the next 9-12 months. SiXtron’s “plug and play” solution allows solar manufacturers to substantially reduce their cost per watt and improve their bottom line.”
Contacts:
Zbigniew Barwicz
President and CEO
SiXtron
(514) 833-1766
zbarwicz@sixtron.com
Christine Ramsay
Director of Marketing and Communications
Ventures West
(416) 861-2280
cramsay@ventureswest.com
About SiXtron
Based in Montreal, SiXton is a developer of a proprietary process to produce SiC based thin films with unique anti-reflective and passivation properties, without the complex requirements of hazardous compressed gases. For more information, visit www.sixtron.com.
About Ventures West
Ventures West Capital Ltd., a private venture capital investment group, is one of Canada’s leading investors in 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 iNovia Capital
iNovia Capital manages seed and early stage venture capital funds, with a focus on helping entrepreneurs and innovators build successful companies in the sectors of information technology, life sciences and cleantech. iNovia Capital's value-added approach to early stage investing provides portfolio companies with capital, unique access to intellectual property from its partner academic institutions and an extensive network of industry partners, advisors and sector-specific co-investors. This investment was made out of iNovia Capital's first venture capital fund, the MSBi Investment Fund L.P., which concentrates on building companies based on innovative technologies originating from the universities of McGill, Sherbrooke and Bishop's, as well as their affiliated hospitals and research institutes. For more information see www.inoviacapital.com
About Société Innovatech du sud du Québec
Innovatech sud du Québec is a venture capital company that focuses on technological innovation. It assists enterprises with a high growth potential throughout the start-up and development phases. Their activities extend over a territory that includes 11 regional county municipalities (MRCs), all located in the Estrie, Montérégie and Bois-Francs regions of southern Québec and the city of Sherbrooke. For more information, see www.isq.qc.ca.
About FIDD
The Fonds d’investissement en développement durable (FIDD), L.P. is a private investment fund and a leader in the financing of businesses contributing to sustainable development. Founded in 2003, FIDD focuses on solutions that reduce greenhouse gas emissions by investing in clean technologies and renewable energy projects. FIDD is a pioneer recognized internationally for its use of the life cycle approach not only in its investment process, but also in its ability to create value for companies in its portfolio. The Solidarity Fund QFL, Fondaction and the Fonds québécois pour le développement durable (FAQDD) are among FIDD’s investors. www.fidd.qc.ca/
