Sol Voltaics, Lund based deep tech startup which provides next-generation solar nanotechnology solutions, has gone into bankruptcy. The reason is that investors decided to not continue funding the company with further investments.
The tech company, which builds on research at Lund University, has since the start been funded with a total in the range of SEK 500 million (€ 50 million), including support from the Swedish Energy Agency and the EU. Also among the shareholders are Industrifonden, Nano Future Invest, the Wallenbergs Foundation Foundation Asset Management, the Norwegian Kagra Group and the Saudi Riyadh Valley Company. With their patented technology Aerotaxy, currently Sol Voltaics had been on their way to reach mass production of SolFilm, which can increase solar panel efficiency by 50%.
However, their development did not go as they had planned, which is the reason why investors decided to stop the capital injection. Sol Voltaics’ CEO Erik Smith said that they would need another two or three years and 200-250 million SEK to reach their goal, but their investors seem unwilling to support the company. Per Anell, investment manager at Industrifonden, one of the biggest investor of Sol Voltaic explained the reason why they stopped investing in Sol Volatics as follows,
“We invest in companies with very high potential and risk, it is our business model and sometimes it does not go as planned. Sol Voltaics did not develop at the pace planned and in this area very large sums of money are required. The owner consortium therefore wanted to find a new partner who could enter new capital, but when it did not, we had to pull the brake.”
Now, Sol Voataics is looking for the way to continue their business. They have developed a lot of patented technologies which are valuable in the field of biotechnology for developing biosensors, and for the development of nanotubes. That someone will buy the intellectual properties and the business will survive in new areas where their technology can be applied is one scenario.