Monday, 16 May 2016

Start-up Sol Voltaics wins USD 17 million financing to accelerate commercialization of nanowire solar PV technology

 The company’s nanowire solar cell technology will dramatically improve the efficiency of conventional solar modules at competitive costs, Sol Voltaics emphasizes


Advanced materials start-up Sol Voltaics (Lund, Sweden) has raised a record round of USD 17 million in new equity investment and grant funding to accelerate commercialization of its nanowire solar photovoltaic (PV) film tandem-layer technology.
The Series C funding round was led by new investor Riyadh Valley Company (RVC), the venture capital investment arm of King Saud University in Riyadh, Saudi Arabia.
Long-term investors Umoe, FAM, Industrifonden, and Nano Future Invest demonstrated their continuing commitment to Sol Voltaics by contributing to the USD 12.5 million in equity. In addition, the Swedish Energy Agency and the European Union's Horizon 2020 research and innovation program backed the company with over USD 4.5 million in additional grants.

Alignment of gallium-arsenide nanowires in a thin film.
The new investment will bolster Sol Voltaics’ efforts to bring its nanowire-based solar efficiency boosting film to market. The company recently announced a major technological breakthrough with the successful alignment of gallium-arsenide nanowires in a thin film.
When integrated in a tandem-junction architecture on mainstream crystalline silicon panels, Sol Voltaics’ nanomaterials innovations will enable PV module efficiencies of greater than 27% - a 50% enhancement in energy generation compared to today’s solar panels, the company emphasizes.

Patented technology for producing nanowire solar cells and films in a cost-effective manner
In addition to the nanowire alignment breakthrough, Sol Voltaics has progressed through several generations of development of its “Aerotaxy” technology over the past few quarters. This patented process, originating out of Lund University in Sweden, is the foundation for producing nanowire solar cells and films in a cost-effective manner, a key parameter in the commercialization process. 
“There is a tremendous amount of interest in a number of competing tandem-layer technologies designed to significantly boost the efficiency of existing solar modules,” said Erik Smith, CEO of Sol Voltaics.
“Following our recent nanowire alignment breakthrough and several other critical technological advances, this latest investment from new and long-term partners reflects the confidence they have in Sol Voltaics’ ability to become the premier commercial solution for stacked tandem-junction solar modules.”

Largest solar-technology funding in Europe over the past 18 months
Apricum – The Cleantech Advisory acted as financial advisor to Sol Voltaics in the transaction. According to Apricum, the capital raise represents the largest solar-technology funding round in Europe over the past 18 months.  
source: http://www.solarserver.com

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