A new perovskite company, CubicPV, has formed from a merger of startups 1366 Technology and Hunt Perovskite Technologies, and is backed with an initial $25 million from First Solar, Hunt Energy Enterprises, and Breakthrough Energy Ventures among others.

According to CEO Frank Van Mierlo, talking to the Financial Express, the company has already entered talks with the Indian government concerning a possible $1.1 billion investment that would be backed by that county’s Performance Linked Incentive scheme, making yet another renewable startup attracted by India’s combination of scale, semi-openness, local content requirements, and government funding.

Specifically this would involve $1.1 billion spent to develop 10 GW of wafer and cell manufacturing capacity over the next five years, to start.