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Solar-power technology developer 1366 Technologies Inc. has landed $5.1 million of a planned $6.2 million round of venture capital.
Company CEO Frank van Mierlo said the round was backed by returning investors, including Polaris Venture Partners and North Bridge Venture Partners, and stemmed from 1366’s recent receipt of $4 million from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy program.
“Our investors were very impressed,” said van Mierlo, adding that 1366 Technologies was one of only five Massachusetts companies — and the only solar-technology company — to receive so-called ARPA-E grant money.
Van Mierlo said the company had a strong cash position before the recent venture round closed. “This is a direct result of having met our operating milestones.”
The Lexington-based company’s light-capturing ribbon technology aims to increase the efficiency of existing solar technologies by using grooved ribbons in place of the traditional wires used to interconnect solar cells.
The new venture round closed in January. The company raised another $12.4 million round in March 2008.
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