Silicor Materials Hires Investment Banker, Receives New Funding
Hudson Clean Energy Partners increase investment; Silicor welcomes former AMAT
Exec to Board
SAN JOSE, Calif. -- September 4, 2013
Silicor Materials, Inc. (“Silicor”™), 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
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
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
“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
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 Advanced Technology Ventures,
Globespan Capital Partners, Good Energies, Hudson Clean Energy Partners and
Ventures West. For more information, please visitSilicorMaterials.com.
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 high-growth, 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
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.
Antenna Group for Silicor Materials, Inc.
Kimberly Setliff, 415-977-1942
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