1366 Technologies, a new MIT start-up aiming to make silicon solar cells competitive with coal, today announced it has secured $12,4 million in a first round of financing co-led by North Bridge Venture Partners and Polaris Venture Partners. MIT Professor, 1366 founder and CTO, Ely Sachs, noted that 1366 Technologies will be combining innovations in silicon cell architecture with manufacturing process improvements to bring multi-crystalline silicon solar cells to cost parity with coal-based electricity.