MEMC Electronic Materials has agreed to buy Solaicx, a Santa Clara, Calif.-based maker of silicon wafers for photovoltaic panels for $66 million. MEMC could pay an aditional $10 million if Solaicx gets additional investments from current shareholders.
MEMC owns solar power plant developer SunEdison.
Solaicx has raised over $50 million in VC funding from D.E. Shaw, Applied Ventures, Big Sky Ventures, Firsthand Capital Management, Labrador Ventures and Greenhouse Capital Partners, according to PeHUB.
The monocrystalline wafers developed by Solaicx can capture more sun energy over a smaller area and produce more electricity.
Commenting on the acquisition Ken Hannah, president of MEMC Solar Materials, said:
Solaicx’s innovative and advanced manufacturing technology should enable us to reduce costs and improve efficiency, while enhancing our ability to drive the solar industry toward grid parity.
The acquisition is expected to close by the end of June 2010. Solaicx has approximately 80 employees and a large-scale production facility in Portland, Oregon.