Published on September 18th, 2013 | by Anneli Hidalgo0
Sol Voltaics closes $9.4M in funding for new technology
Lund-based solar company Sol Voltaics has closed $9.4 million in funding which will be invested in pilot production.
Sol Voltaics has thus completed a total of $15.6 Million (SEK 102 Million) in fresh funding by adding the $9.4 Million in an equity round to the $6.2 Million Swedish Energy Agency loan to take its Solink nanomaterial for increasing the performance and energy output of solar panels into pilot production.
The next step will be to take Solink, a gallium arsenide additive for crystalline silicon or thin-film that enables modules to convert more of the sun’s light into electricity, to the next stage of development. According to Sol Voltaics, the material will increase efficiency of solar modules by up to 25% from current levels using miniscule amounts of these novel nano materials. The company expects to produce functional solar cells made from gallium arsenide nanowires for demonstration by the end of 2013. Commercial production of Solink-enhanced modules will according to a press release from Sol Voltaics begin in 2015 and move into volume production in 2016.
The funding round was led by Umoe, an investment company based in Norway. Umoe had previously made an incubation level investment in Sol Voltaics and the company now joins Industrifonden, Nano Future Invest and Foundation Asset Management as the major shareholders of the Sol Voltaics.