MEMC Electronic Materials announced this week that it has reached an agreement to acquire Solaicx, a privately held California company that specializes in a continuous crystal growth manufacturing technology for use in the photovoltaic industry.

According to the announcement, Solaicx has about 80 employees and has a technology that allows for high volume crystal growth that rivals the traditional silicon nuggets traditionally used in photovoltaic panel manufacturing.

"Solaicx's innovative and advanced manufacturing technology should enable us to reduce costs and improve efficiency, while enhancing our ability to drive the solar industry toward grid parity," said Ken Hannah, president of MEMC Solar Materials.

Hannah added that the market for monocrystalline silicon photovoltaic products is expected to grow about 50 percent annually over the next three years, and that the current deal provides the opportunity to "significantly reduce" material costs.

Along with delivering a technology that can hold down costs, MEMC also noted that the combined new company will also have sales and support offices in different parts of the world, which will provide a boost for customer service.