Twin Creeks Technologies: Difference between revisions
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An agreement with the state of Mississippi was for them to provide a loan to Twin Creeks Technologies up to $50 million, where they'd pay no interest for 20 years, in exchange for them to hire 500 people in the state or invest 132 million dollars, as well as the requirement they being commercial production by December 31. |
An agreement with the state of Mississippi was for them to provide a loan to Twin Creeks Technologies up to $50 million, where they'd pay no interest for 20 years, in exchange for them to hire 500 people in the state or invest 132 million dollars, as well as the requirement they being commercial production by December 31. |
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The state of Mississippi has filed a unsuccessful lawsuit to block the company from a 10 million dollar sell of its patents to [[GT Advanced Technologies]]. Silicon Valley Bank received 7 million dollars from that sale, which the state also tried unsuccessfully to block.<ref>http://www.commercialappeal.com/news/2012/nov/30/mississippi-lawsuit-twin-creeks-tried-to-deceive/?CID=happeningnow</ref> |
The state of Mississippi has filed a unsuccessful lawsuit to block the company from a 10 million dollar sell of its patents to [[GT Advanced Technologies]]. Silicon Valley Bank received 7 million dollars from that sale, which the state also tried unsuccessfully to block.<ref name="commercialappeal1">{{cite web|url=http://www.commercialappeal.com/news/2012/nov/30/mississippi-lawsuit-twin-creeks-tried-to-deceive/?CID=happeningnow |title=Mississippi lawsuit: Twin Creeks tried to deceive state |publisher=The Commercial Appeal |date= |accessdate=2012-12-01}}</ref> |
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The state is seeking $23.7 million in addition to damages from alleged fraud, and also punitive damages.<ref |
The state is seeking $23.7 million in addition to damages from alleged fraud, and also punitive damages.<ref name="commercialappeal1"/> |
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==Notable inventions== |
==Notable inventions== |
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Revision as of 08:13, 1 December 2012
 | This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. (October 2012) |
Twin Creeks Technologies was a California based technology company which claimed to develop cheaper manufacturing equipment for the production of solar modules, sensors, LEDs and other solid-state devices. It had 76 employees in a pilot production plant in Mississippi. The company raised $93 million including $27.7 million provided by Mississippi taxpayers.[1] Twin Creeks Technology folded in mid-November 2012 selling assets to GT Advanced Technologies of Nashua, N.H. The new owners of the assets have no intention of continuing the Mississippi manufacturing operation.[2]
Dealings with Mississippi
An agreement with the state of Mississippi was for them to provide a loan to Twin Creeks Technologies up to $50 million, where they'd pay no interest for 20 years, in exchange for them to hire 500 people in the state or invest 132 million dollars, as well as the requirement they being commercial production by December 31.
The state of Mississippi has filed a unsuccessful lawsuit to block the company from a 10 million dollar sell of its patents to GT Advanced Technologies. Silicon Valley Bank received 7 million dollars from that sale, which the state also tried unsuccessfully to block.[3]
The state is seeking $23.7 million in addition to damages from alleged fraud, and also punitive damages.[3]
Notable inventions
They invented an ion cannon they call Hyperion which is capable of slicing crystalline silicon layers 20 micrometer thick, instead of the usual 200 micrometer thick solar cells most produced. This is predicted to be able to produce solar cells for less than half the cost.[4] CEO Siva Sivaram has stated that the company can now produce solar cells for about 40 cents per watt, which is half the cost of the cheapest solar cells available by others.[5]
References
- ^ Clark, Don (2012-03-13). "Startup Pushes Skinny, Flexible Silicon for Solar - Digits - WSJ". Blogs.wsj.com. Retrieved 2012-10-01.
- ^ Associated Press (2012-11-30). "Solar firm that got $26M in Miss. loans is closing". wlox.com. Retrieved 2012-11-30.
- ^ a b "Mississippi lawsuit: Twin Creeks tried to deceive state". The Commercial Appeal. Retrieved 2012-12-01.
- ^ "Solar panel made with ion cannon is cheap enough to challenge fossil fuels". ExtremeTech. 2012-03-13. Retrieved 2012-10-01.
- ^ "Startup Aims to Cut the Cost of Solar Cells in Half". Technology Review. 2012-03-13. Retrieved 2012-10-01.