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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