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UbiQD inks major deal with First Solar for quantum dot tech in solar panels
Story Highlights
- UbiQD signs multi-year agreement with First Solar for quantum dot technology.
- Agreement enables UbiQD to potentially produce 100 metric tons annually.
- UbiQD plans New Mexico manufacturing facility to support increased production.
Today, a New Mexico startup with technology developed from Los Alamos National Laboratory and M.I.T. just scored a major deal with a publicly traded firm based in Tempe, Arizona.
Quantum dot nanotechnology company UbiQD announced an exclusive multi-year agreement with First Solar Inc. (NASDAQ: FSLR).
The supply agreement will enable early adoption of the incorporation of quantum dot technology into First Solar’s thin-film bifacial photovoltaic solar panels.
Through the agreement, UbiQD has potential to grow to over 100 metric tons of production per year. Hunter McDaniel, founder and CEO of UbiQD said plans for a New Mexico manufacturing facility are currently in the works to support that production.
The collaboration, which follows a formalized a joint development partnership with First Solar announced in 2023, is timely as China continues to lead in utility-scale solar capacity, according to the U.S. Energy Information Administration, as the U.S. seeks to reshore manufacturing at the same time and as power generation capacity has to increase to meet demand from data centers and AI.
McDaniel explained First Solar is one customer, which has a relatively small worldwide market share, about 5-6% globally, and closer to 30% in the United States.
According to the Wall Street Journal, First Solar benefited substantially from former President Biden’s Inflation Reduction Act, but amid policy shifts impacting clean energy projects, it’s now in a more vulnerable position.
The companies also announced an expanded research and development agreement today, with the hope that continued innovation will help the companies maintain a competitive edge in the industry.
Right now, the “edge” is that quantum dot technology integrated into solar panel encapsulation can more than double bifacial quantum efficiency of light conversion for specific wavelengths and colors, improving performance and price in the commercial space.
McDaniel could not share current fundraising plans but said support from First Solar positions the New Mexico startup well to raise investment and obtain and build out a manufacturing facility.
Specific details about the new facility could not be disclosed, but the company has identified an existing building for which they have yet to sign the lease. The company sought a location no farther out than Albuquerque, to ensure a reasonable distance from its Los Alamos facility.
UbiQD employs about 40 people now, with a goal of reaching 50 by the end of 2025, separate from the manufacturing roles coming in the future.In April, the startup announced a $20 million Series B funding round, led by Phoenix Venture Partners, and in February it acquired Seattle-based early-stage startup Blue Dot Photonics, a company specializing in enhancing solar module performance using perovskite-based quantum-cutting materials.