Sol Voltaics, Lund-based company that works with nanomaterials to improve the efficiency of capture and generation of solar energy, raised 17$ mln (over 140 mln SEK) in grant funding. Series C was led by Riyadh Valley Company, the venture capital investment arm of King Saud University in Riyadh, Saudi Arabia, revealed in the official press release. Among other investors are Umoe, FAM, Industrifonden and Nano Future Invest that contributed to the deal with $12.5 million in equity. The Swedish Energy Agency and the European Union’s Horizon 2020 research program have backed Sol Voltaics with additional $4.5 million in grants.

The funding will be put towards speeding up the commercialization process of Sol Voltaics’ unique product: a nanowire solar film tandem-layer technology. The company recently announced a major technological breakthrough that enhance energy generation compared to today’s solar panels by impressive 50%.

“We are excited to be part of a company that can provide such a dynamic change to the solar industry”, said Dr. Khalid Al Saleh, CEO of RVC.

“With the company’s recent technology breakthroughs and nanowire efficiency world record we believe Sol Voltaics can lead the tandem solar cell revolution.”

The investment is aligned with Saudi Arabia’s Vision 2030, where the country aims to achieve an initial domestic deployment target of 9.5 gigawatts of solar and other renewable energy sources by 2030.

According to Apricum, financial adviser to Sol Voltaics, the capital raised represents the largest solar-technology funding round in Europe over the past 18 months.