Applied Quantum Technologies

About Applied Quantum Technologies

Applied Quantum Technologies (AQT) was a clean technology company founded in 2007 by David Brady and Michael Bartholomeusz, who also served as the CEO. The firm was based in Santa Clara and later moved its headquarters to a factory in Sunnyvale, California. AQT aimed to develop and manufacture low-cost, high-performance thin-film solar cells as a replacement for conventional crystalline silicon cells.

The company's strategy focused on capital efficiency by repurposing manufacturing equipment from the computer hard drive industry to produce its solar cells, which were based on copper, indium, gallium, and selenide (CIGS) materials. This approach was intended to significantly lower production costs compared to competitors. AQT's business model involved manufacturing the CIGS cells on glass and then supplying them to other companies for assembly into solar modules. The firm was also exploring the development of CZTS (copper zinc tin sulfide) solar modules.

AQT secured approximately $21.5 million to $32 million in funding over several rounds, including a significant Series B round in early 2012. Despite opening a 15-megawatt factory in Sunnyvale in 2010 and announcing customer orders, the company faced a difficult market. A sharp decline in the price of silicon solar cells eroded the cost advantage of thin-film alternatives like CIGS. In August 2012, amidst deteriorating market conditions for solar manufacturers, AQT retained a firm to sell its assets and intellectual property, effectively ceasing operations.