Leading Edge Equipment Technologies, a U.S.-based silicon wafer manufacturer, announced that it secured $7.6 million through Series A financing led by Prime Impact Fund.

Clean Energy Ventures and DSM Venturing also participated in the Series A financing round.

According to Leading Edge Equipment Technologies, its new drop-in manufacturing technology that produces single-crystal silicon wafers would help reduce silicon wafer costs by around 50%. It would also enhance commercial solar panel power by 7% while reducing the manufacturing emissions by over 50%, the company added.

“After critical technology demonstrations and the development of a new commercial tool, we are now ready to launch this technology into the market in 2021. Having recently secured a 31,000 square foot facility and doubled the size of our team, we will utilize this new funding to prepare for our 2021 commercial pilots,” said Rick Schwerdtfeger, Chief Executive Officer of Leading Edge Equipment Technologies.

The company said its new manufacturing equipment produces silicon wafers through ribbons in single-step by utilizing the floating silicon method. This process absorbs less energy and produces no waste while manufacturing silicon wafers compared to the conventional seven-step energy-intensive silicon wafers manufacturing process, it added.

DSM Venturing, Applied Materials, Clean Energy Venture Group, David Buzby, and Clean Energy Ventures have also previously invested in Leading Edge Equipment Technologies.

According to Mercom Capital Group’s Solar Funding and M&A Report, in Q3 2020, global VC funding (venture capital, private equity, and corporate venture capital) in the solar sector increased to $183 million in 15 deals compared to $65 million raised in five deals in Q2 2020. Of the 15 solar VC deals announced during the quarter, six were early-stage deals.