1366 Technologies’ Merger with Perovskite Technologies

Baker Botts LLP advised Hunt Energy Enterprises on the deal.

1366 Technologies, Inc. (1366) and Hunt Perovskite Technologies, L.L.C (HPT), two of the solar industry’s most innovative companies, announced that they have merged their businesses. The merger combines two disruptive technologies – 1366’s Direct Wafer® process and HPT’s printed perovskite solar photovoltaic (PV) technology – to bring to market powerful tandem modules to lead the rapidly growing solar industry. The newly combined company, called CubicPV, will also receive $25 million in funding from Hunt Energy Enterprises, L.L.C. (HEE), First Solar, Inc. (NASDAQ: FSLR), Breakthrough Energy Ventures (BEV) and others. HEE will join the Board of Directors.

To date, the solar industry has primarily depended on single junction PV technology or the use of only one light absorbing material, often silicon, to convert sunlight to electricity. This technology is approaching a module efficiency ceiling of 24%, through small, incremental gains. Tandem technology, also referred to as multi-junction, introduces a much needed dynamic in that it layers two light absorbers into one device, thereby breaking the efficiency barrier of single junction devices and boosting the power output of the end panel by 30 percent.

North Bridge Venture Partners and Polaris Partners joined Breakthrough Energy Ventures, First Solar, and HEE in funding the new entity. Wilmer Hale served as legal counsel to 1366 Technologies and Baker Botts acted as legal counsel to HEE.

366 Technologies is consistently recognized as one of the world’s most innovative companies in energy.

HPT specializes in the development of highly-stable and efficient metal halide perovskite materials for use in single-junction and tandem PV solar panels for the utility-scale market. 

The Baker Botts included: Jon Platt (Partner, Dallas, Picture); Michael Portillo (Senior Associate, Austin); Jacqueline Scioli (Associate, Dallas); and Rusty Shellhorn (Associate, Dallas); Bradley Bowling (Special Counsel, Houston); and Michael Silliman (Senior Associate, Houston); Stephen Marcus (Partner, Dallas); and Jordan Hahn (Senior Associate, Dallas); Jason Loden (Partner, Dallas).

Involved fees earner: Bradley Bowling – Baker Botts LLP; Jordan Hahn – Baker Botts LLP; Jason Loden – Baker Botts LLP; Stephen Marcus – Baker Botts LLP; Jonathan Platt – Baker Botts LLP; Michael Portillo – Baker Botts LLP; Jacqueline Scioli – Baker Botts LLP; Rusty Shellhorn – Baker Botts LLP; Michael Silliman – Baker Botts LLP;

Law Firms: Baker Botts LLP;

Clients: Hunt Energy Enterprises;

Author: Martina Bellini