Solar Notion, a Sunnyvale, Calif. maker of solar energy panels, has raised around $10 million in a first round of funding led by hedge fund Third Point, according to a regulatory filing cited by PE Wire.

The company, still secretive, says on its Web site that it is developing technology to reduce manufacturing cost of solar panels by “over 500%, while achieving the efficiency and reliability of single crystal silicon solar panels.”

That’s their emphasis in italics, not ours. It’s also somewhat strange wording, because how do you reduce cost by over 500 percent?  Perhaps they mean they want to reduce cost to a fifth or sixth (depending on your math) of what current silicon-based panels cost?

Already, this company is worrying us.