CubicPV and Waaree Announce Multi-Year Supply Agreement

India’s Leading Module Manufacturer and U.S. Solar Innovator Partner to Deliver the Lowest Cost of Electricity to the India Utility-Scale Market

Mumbai, India and Bedford, MA – April 28, 2022 – CubicPV and Waaree Energies, Ltd., India’s leading solar module manufacturer, today announced that they have entered into a multi-year supply agreement in which CubicPV will supply, per annum, 1 GW of silicon cells to Waaree. The cells will feature wafers made with CubicPV’s transformative Direct Wafer® technology, that produces wafers in one-step, directly from a molten bath of silicon. The agreement intends to strategically position Waaree to capture robust industry growth by delivering the lowest levelized cost of electricity (LCOE) to the Indian utility-scale market.

“Our Direct Wafer technology is the ideal solution for India’s domestic utility market and Waaree, by choosing this technology over generic methods, is setting the tone for an Indian manufacturing future that makes better use of materials, requires less energy and is defined by high efficiency,” said Frank van Mierlo, CEO, CubicPV. “CubicPV is honored to begin our journey in India with Waaree. The synergy between one of the leading module manufacturers in India and Cubic’s innovation agenda will create value for both companies and the solar industry in India.”  

The partnership between the two companies aims to strengthen India’s domestic solar manufacturing ecosystem, with CubicPV providing the basis for a domestic supply line for Waaree and a level of immunity with respect to the logistics challenges and volatile commodity pricing that has defined the import market.

“As an early entrant in the solar industry, Waaree recognizes the value of innovation to our continued leadership position. We believe that CubicPV’s technologies will deliver significant benefit to our customers and to the Indian solar market both immediately and in the long-run. We are proud to bring a module to the market featuring domestically-produced wafers and cells manufactured with a low carbon footprint,” said Hitesh Doshi, Chairman and MD, Waaree.

About CubicPV

With its innovations in solar manufacturing and materials, CubicPV is creating a solar future which is defined by more powerful tandem solar modules, reductions in the cost of electricity and lower embodied carbon. The company’s core technologies, the Direct Wafer® process and

durable perovskite chemistry, deliver the lowest cost of electricity and provide the ideal semiconductor combination for high-efficiency tandem modules. CubicPV has offices in Bedford, Ma., and Dallas. For more information, please visit www.cubicpv.com

About Waaree Energies

Waaree Energies Limited is a part of the Waaree Group and has the country’s leading Solar PV Module manufacturing capacity of 2 GW. In addition, it is one of leading players in India in EPC services, project development, rooftop solutions and solar water pumps. Waaree has its presence in over 388 locations nationally and 19 countries globally. https://www.waaree.com/

Disclaimer

Waaree Energies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited,ICICI Securities Limited and Intensive Fiscal Services Private Limited, respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.

Contact:
Laureen Sanderson, CubicPV
lsanderson@cubicpv.com
781.861.1611 x2204

1366 Technologies and Hunt Perovskite Technologies Announce Merger

Solar Manufacturing and Material Innovators Join Forces to Accelerate Development of
High-Powered Tandem Modules

Newly Combined Company, Known as CubicPV™, Secures $25M in Funding from Hunt Energy Enterprises, First Solar, Breakthrough Energy Ventures, and Returning Investors to Support Tandem Effort

BEDFORD, Mass., and DALLAS – June 28, 2021 – 1366 Technologies, Inc. (1366) and Hunt Perovskite Technologies, L.L.C (HPT), two of the solar industry’s most innovative companies, today 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.

TWO MATERIALS WORKING TOGETHER

Perovskite materials have tremendous potential in single junction devices given their inherent cost advantages and are ideal for tandem modules due to their highly-tunable light absorption properties. It is the latter that allow perovskite semiconductors to effectively capture the sun’s visible light as a tandem top cell while Direct Wafer products provide the optimum low-cost bottom cell to harness the infrared portion of the solar spectrum. In a tandem structure, the bottom layer produces one-third of the device’s energy but still carries 100% of the production cost. It is here where the Direct Wafer cost advantage is essential.

During the last two years, 1366 has been working towards a tandem future, attracting the support of BEV and returning investors that recognize the fundamental role Direct Wafer technology plays in making tandem modules a reality. The merger with HPT will pave a path to long-term tandem leadership.

Interest in perovskite technology has surged given the material’s potential for high efficiency, low cost, and broad applicability in the semiconductor industry, particularly in solar. Perovskite solar devices are rapidly approaching the efficiency records set by silicon PV. The primary obstacle remaining in the commercialization of perovskite solar technology is durability; an area where HPT has excelled. HPT has tackled the durability issue through better chemistry and building intrinsic stability into the material itself, making it far more robust. HPT has developed one of the strongest global patent portfolios on the technology with more than 160 patent assets to its name.

EXECUTIVE COMMENTS

“Our singular Direct Wafer process is the crucial advantage in making tandem modules a reality and with the HPT merger, we have the blueprint for achieving economically-viable, tandem solutions for terawatt-scale,” said Frank van Mierlo, CEO of 1366 Technologies and the new CubicPV. “Since their founding, both companies have championed the importance of low-cost manufacturing innovations to achieving the world’s energy transition goals. By joining forces, our combined entity is uniquely positioned to lead the rapidly growing solar industry.” 

“This agreement will unite two of the solar industry’s most disruptive technologies to dramatically boost the energy harvest and drive down costs of solar installations, helping to meet the world’s electrification and climate goals,” said Michael D. Irwin, CTO of HPT and the newly formed CubicPV. “The value of our combined assets will write the next chapter for clean solar energy and underpin a massive industry that leads through innovation and cooperation to enable the leap to tandem PV.”

“Eight years ago, Hunt made the strategic decision to focus on developing perovskite solar cells, recognizing its importance as a ‘next generation technology’ to complement silicon and help address the world’s energy needs,” said Hunter Hunt, CEO, Hunt Energy, the parent company for both Hunt Perovskite Technologies and Hunt Energy Enterprises. “By merging with 1366, we collectively are uniquely positioned to lead the industry in the development and manufacturing of affordable, durable solar technology.  Hunt is thrilled to join BEV and the other shareholders in supporting the mission.”

“Our priority as a venture fund is to build the new, cutting-edge companies that will dramatically improve our chances of dealing with climate change. The combined entity resulting from the merger of 1366 and HPT is one such example,” said Carmichael Roberts, Breakthrough Energy Ventures. “We commend Hunt for taking an early lead in the development of perovskite technology and for their vision. Tandem solar is the future and their investment into the combined entity will have made a meaningful contribution to that future.”

ADDITIONAL DETAILS AND ADVISORS

1366 and HPT will begin to operate immediately as CubicPV, with offices in Bedford, Massachusetts, and Dallas, Texas. The name holds significance as it reflects the shared cubic crystal structure of both silicon and perovskite.     

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.

ABOUT 1366 TECHNOLOGIES

1366 Technologies is consistently recognized as one of the world’s most innovative companies in energy. Its Direct Wafer® technology replaces a decades-old solar manufacturing process to make a superior class of silicon wafers, the building blocks of solar cells. These wafers deliver high performance and an unbeatable cost advantage to cell and module manufacturers seeking innovations that yield a significant reduction in levelized cost of energy (LCOE) and will help them win in the age of terawatt solar. 1366 Technologies is headquartered in Bedford, MA. For more information, please visit www.1366tech.com.

ABOUT HPT

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. HPT was created and incubated within Hunt Energy Enterprises, Hunt’s energy technology venture business unit. It is part of a larger privately-owned group of companies managed by the Ray L. Hunt family that engages in oil and gas exploration, refining, power, real estate, ranching and private equity investments. For more information, visit www.huntperovskite.com.