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Silicor Materials Hires Investment Banker, Receives Funding

September 04, 2013

Hudson Clean Energy Partners increase investment; Silicor welcomes former AMAT Exec to Board 

SAN JOSE, Calif.—Silicor Materials, Inc. ("Silicor"TM), a manufacturer of high-quality solar silicon and aluminum by-products, has engaged Robert W. Baird & Co. Incorporated ("Baird") as its investment banker to assist with its next capital raise.

Silicor, in connection with this raise, has received $6 million in new funding from existing investor Hudson Clean Energy Partners, LLP (“Hudson”). This funding will support the company’s continued operations and growth through its next capital raise.

Silicor is currently in advanced development work at multiple sites for a new solar silicon manufacturing plant, capable of producing 16,000 metric tons per year.

Silicor is the lowest-cost producer of high-quality solar silicon for the solar photovoltaic (PV) industry, with estimated cash production costs of approximately $9/kg and demonstrated quality and performance on par with traditional electronic-grade silicon. Silicor’s proprietary technology can produce solar silicon for use in PV wafers and cells that achieve conversion efficiencies in excess of 17 percent.

“In a world where PV module producers have had to operate on minimal margins, it is critical that the solar industry finds a manufacturer able to produce high-caliber solar silicon at a fraction of the cost,” said Neil Auerbach, founder and managing partner of Hudson. “Silicor offers a unique opportunity to greatly reduce production costs without compromising quality, and with prices for solar-grade silicon forecasted to increase in the coming years, the company is poised to capture a substantial share of the growing solar market.”

Silicor also welcomed technology industry veteran Mark Pinto to its board of directors. Dr. Pinto most recently served as executive vice president for manufacturing equipment and software leader, Applied Materials, where he formed and led the company’s solar energy business. His previous experience includes technical and managerial roles for Bell Laboratories and the Lucent Microelectronics Group.

“Silicor's customers will enjoy the benefit of a steady source of raw materials at competitive prices that will also help them generate attractive gross margins,” said Dr. Pinto. “Silicor is a win-win solution for wafer, cell and module manufacturers looking for an edge in today’s crowded market.”

“From the lab to the boardroom, the world-class team we’ve amassed is a testament to the disruptive potential of our products,” said Theresa Jester, CEO of Silicor. “Bolstered by support from organizations like Hudson, we believe we are well-positioned to lead the PV industry into a new era of sustainable profitability.”

About Silicor

Silicor is a manufacturer of high-quality solar silicon and aluminum by-products. The company’s silicon purification operations are performed by its wholly owned subsidiary, Silicor Materials Canada Inc., in Ontario, Canada; its state-of-the-art research and development center is located in Berlin, Germany. Silicor’s investors include Hudson Clean Energy Partners, Advanced Technology Ventures, Globespan Capital Partners and Good Energies. For more information, please visit SilicorMaterials.com.

About Hudson

Hudson is a private equity firm that invests in the dynamic and fast-growing clean energy market. Hudson invests in companies focused on renewable power, alternative fuels, and energy efficiency and services. Hudson’s investment strategy focuses on highgrowth, asset-based, capital intensive segments of the clean energy value chain using commercialized technologies to extract energy from wind, solar, geothermal, hydroelectric, biomass and other renewable sources. Further information about Hudson can be found at www.HudsonCEP.com.

About Baird

Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has approximately 2,800 associates serving the needs of individual, corporate, institutional and municipal clients. Baird had $105 billion in client assets on June 30, 2013. Committed to being a great place to work, Baird ranked No. 14 on FORTUNE’s 100 Best Companies to Work For in 2013 – its tenth consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. Incorporated in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s investment banking and private equity operations. For more information, please visit Baird’s Web site at www.rwbaird.com.

“Silicor” is a trademark of Silicor Materials, Inc. All Rights Reserved.

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Silicor Materials Commits to Carbon Neutrality at Iceland Solar Silicon Plant

SAN JOSE, Calif.—Silicor Materials, a manufacturer of high-quality solar silicon, today announced an initiative to achieve a carbon-neutral status at its commercial manufacturing facility in Grundartangi, Iceland.

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Silicor Materials Announces Production of PERC Mono Cells at 20% Efficiency Using Its Standard Solar Silicon

SAN JOSE, Calif. -- Silicor Materials, Inc., a manufacturer of high-quality solar silicon and aluminum by-products, announced today that in its first ever attempt, the company has produced p-type mono PERC (Passivated Emitter Rear Cell) cells at approximately 20 percent efficiency, using 100 percent of its standard silicon feedstock.