Cambridge (MA) - A new solar energy start-up called 1366 Technologies has just received $12.4 million in venture capital to help foster and enhance a solar technology created by MIT professor Emanuel Sachs.

Sachs invented string ribbon solar manufacturing, which is a new way to produce and maintain solar energy cells.  It makes the alternative energy source more accessible and affordable.

The technology was seen as a crucial step in solar energy, and an entire company was created around in in December 2007.  Since then, the main setback has been a lack of funds.

Sachs noted the venture capital investment is a big deal, because money is the next step in bringing this technology to a bigger scale since the research and development is essentially done.

"The science is understood, the raw materials are abundant and the products work. All that is left to do is innovate in manufacturing and scale up volume production, and that’s just what we intend to do," he said.

The goal is to set up a series of factories to manufacture solar cells using the new technology.

I'll believe it when I see it

Mar 27, 2008 17:09     

Since I was in first grade they've been talking about solar, hydrogen and other alternative energy sources. Now forty years later still nothing has transpired. I don't care about saving the world. I'm not a tree hugger. I just want cheap energy
J. Doe report abuse vote down vote up Votes: +0

Seeing IS believing

Mar 27, 2008 20:07     

It seems like these technologies are not materializing very quickly. Who knows though, progress is often incremental. I care a lot about saving the world. I also want cheap energy... team up?
Ryan report abuse vote down vote up Votes: +0

Not quite, sir

Mar 28, 2008 01:13     

Probably they've been talking about solar energy for a long time, but this time there are two factors that will be pushing it to a real level. First, petrol is drying up, and fast. Ten years ago that was still not a concern or a priority in the industrial life of America. Second, tons of new technologies have been brought. This is of course an effect of increasing costs of fossil fuels, which makes other energy resources profitable in the long run. This piece of news only makes it a bit more official; they're adding true ambicious money on it. Which makes a bloody lot of sense.

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sounds unbelievable

Mar 28, 2008 01:21     

sounds unbelieveable that in this age of surplus capital, no venture capitalist would fund this so called technology of the future. maybe those VC's know something of this technology that we dont.
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RE: I'll believe it when I see it

Mar 28, 2008 02:39     

I'm assuming you live in the United States. It's starting to happen here, just much slower than many other countries. For that you can thank the same dipshits running the country that continue to this day to provide massive subsidies (AKA FREE TAX-PAYERS MONEY) to large Oil companies. If you want things to move faster, you have to vote for the right people. The amount of federal research dollars going to renewable energy is completely pathetic. As is the overall investment in basic science research. The entire budget of the national science foundation is what is spent for ONE MONTH in Iraq. I think that says it all... I DO care about preserving the Earth and keeping it nice for my children, and I also like cheap energy. Those goals are NOT mutually exclusive.

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Oil...

Mar 28, 2008 07:42     

Oil needs to deplete just a little further, then things will REALLY start to move.
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It's all happening now, but not in USA

Mar 28, 2008 12:20     

Maybe in USA you look at these matters with a differente aproach, but in Europe gas is more expensive, we don't waste tax money in the oil company, instead each time you buy gas you'll spend as taxes half the price, or more.This money is used in health and developmente (and to pay some corrupt politics, too :-( In countries like Spain, Portugal, Italy, France,,, is now common that new buildings have solar panels for heating/air conditioning, and new materials are used for isolation, which reduce the energy wasted. Biodiesel and electric public transport is more common, and people are getting used to left their cars at home, and simply walk or use bikes. This is a long distance run in which it seems that USA is still looking at the referee at his marks, not knowing what to do, while the rest of the world is actually walking.

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