Solaicx

About Solaicx

Solaicx, Inc. operated as a manufacturer of monocrystalline silicon ingots and wafers specifically for the photovoltaic industry. Founded in 2002 and based in Santa Clara, California, the company established itself as a key supplier for solar cell and module manufacturers. Solaicx's business model was centered on producing low-cost, high-quality silicon ingots through a proprietary continuous crystal growth manufacturing process. This method provided a significant advantage by enabling high-volume production compared to traditional silicon ingot manufacturing, which allowed solar cell producers to create higher efficiency cells at a competitive cost.

The company's leadership included Robert Ford as CEO during its initial funding stages and later David Ranhoff as President and CEO at the time of its acquisition. Solar energy pioneer Bill Yerkes also served as the company's CTO. Solaicx embarked on its journey with a $1 million startup financing round from private investors to develop its production equipment and manufacturing infrastructure. Over its lifetime, the company successfully raised approximately $94.6 million through 10 funding rounds, attracting institutional investors such as Applied Ventures, Mitsui Global Investment, and D. E. Shaw Group. A significant investor, Applied Materials, contributed $3.0 million in 2006 to help expand Solaicx's manufacturing capabilities, including a second U.S. facility in Portland, Oregon.

In a strategic move to bolster its position in the competitive silicon wafer market, MEMC Electronic Materials, Inc. (which later became SunEdison) announced its acquisition of Solaicx in May 2010. The deal, which closed in July 2010, was valued at approximately $76 million in cash, with potential for an additional $27.6 million based on performance targets. The acquisition integrated Solaicx's manufacturing technology and its approximately 80 employees into MEMC's solar materials division, aiming to reduce the cost of monocrystalline silicon and accelerate the solar industry's path toward grid parity.