Sol Voltaics has closed a record funding round of $21.3 million (approximately, €18,7 million). This is the largest finance raise for a European solar technology company since 2015. The new finance will be used to accelerate commercialization of its highly anticipated solar efficiency boosting technology, SolFilm™ which promises to increase conventional solar panel efficiencies by up to 50%.
Sol Voltaics is based in Lund and the scientific founder is world-renowned nanotechnologist Lars Samuelson in Lund, Sweden. Samuelsson’s intellectual property is based on 15 years of gallium-arsenide (GaAs) nanowire research done in cooperation with Lund University.
SolFilm, a patented, low cost thin-film which is comprised of billions of highly efficient Gallium Arsenide (GaAs) nanowires, enables solar panel manufacturers to reach efficiencies of up to 27% when integrated as a tandem-junction module. Sol Voltaics is now in the final stages of technology optimization, with anticipated samples of its SolFilm being sent to partners by the end of 2018.
“This latest round of finance gives us the critical capital required to commercialize our efficiency boosting technology for the solar market,” said Erik Smith, Sol Voltaics CEO in a pressrelease. “Having achieved our final major technology milestone with Aerotaxy earlier this year, we are now fully focused on reaching mass production of SolFilm.”
The latest funding features new investment from Norwegian company Watrium AS, alongside previous investors Kagra Gruppen AS, Nordic VC firm Industrifonden, FAM AB, Nano Future Invest, Blue Marlin AB and Teknoinvest AS. The investment brings total funding raised to $38m (€33,4m) in the past 12 months, following the company’s $17m funding round in 2016.