Swedish firm Sol Voltaics reports that it has raised $21.3 million. The company claims that this amount is the largest amount of financing a European solar technology company has raised since 2015. This latest funding includes new investment from Norwegian company Watrium AS, along with previous investors Kagra Gruppen AS, FAM AB, Nordic VC firm Industrifonden, Nano Future Invest, Teknoinvest AS and Blue Marlin AB. The investment brings total funding raised to $38 Million in the past 12 months, following the $17 Million funding round in 2016.
The company intends to use the new financing to accelerate the commercialization of its solar efficiency boosting technology, SolFilm™. Sol Voltaics claims that its SolFilm technology promises to increase the efficiencies of conventional solar panels by up to 50%.
SolFilm from Sol Voltaics Made Up of GaAs Nanowires
SolFilm, a patented, low-cost thin-film, is made of billions of Gallium Arsenide (GaAs) nanowires. The company claims that this thin-film enables solar panel makers to achieve efficiencies of up to 27% when panel makers integrate the film as a tandem-junction module.
The company recently confirmed the successful fabrication of nanowires utilizing their low-cost Aerotaxy® process.
Sol Voltaics says it is now in the final stages of optimizing the technology and expects to begin sending samples of its SolFilm 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. “Having achieved our final major technology milestone with Aerotaxy earlier this year, we are now fully focused on reaching mass production of SolFilm. I’d like to thank our investors, both existing and new, for backing our vision and helping bring this revolutionary technology to the mass market.”