The Sun is a huge power plant 150 million km away. If only 0.16% of Earth’s surface was covered with solar panels, the planet’s annual energy needs would be covered by 1 hour of cloud free sunshine. But before the Sun can power our world, lots of work needs to be done in terms of new research and development of solar technology. Swedish company Sol Voltaics is on a mission to bring solar power to homes and businesses and now it has financial means to achieve it.
Sol Voltaics closed a record funding round of $21.3 million, the largest investment in a European solar technology company since 2015. The money will be used to accelerate commercialisation of its highly anticipated solar efficiency boosting technology, SolFilm™ which promises to increase conventional solar panel efficiencies by up to 50%.
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. Having recently confirmed the successful manufacture of nanowires using their low-cost process Aerotaxy®, 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. We are now fully focused on reaching mass production of SolFilm.” said Erik Smith, Sol Voltaics CEO.
The latest funding was lead by Norwegian investment company Watrium, alongside previous investors Kagra Gruppen, Industrifonden, FAM AB, Nano Future Invest, Blue Marlin and Teknoinvest. The investment brings total funding raised to $38m in the past 12 months, following the company’s $17m funding round in 2016.