Uppsala-based deep tech Peafowl Plasmonics has secured around 4 million euros (40MSEK) in a seed round led by Sweden’s early stage venture capital funds Industrifonden and Navigare Ventures. Peafowl Plasmonics brings new and sustainable energy solutions with fully transparent light-collecting cells, empowering low-power devices that benefit from self-powering such as indoor sensors, e-paper displays, and dynamic windows. The startup company will use the capital to commercialize its technology and disrupt the view on light harvesting to replace batteries and cables.
Peafowl Plasmonics raises 40 MSEK to bring transparent solar power to the market
Peafowl Plasmonics takes the next step on their commercialization journey. With this seed round of funding, co-led by Industrifonden and Navigare Ventures, and backed by current owners, the company is disrupting energy supply with transparent solar power to replace batteries and cables, making our world greener, smarter, and more sustainable.
The necessity to reduce energy consumption and the ever-increasing demand for renewable energy sources are driving the development of new technology. Peafowl’s direct plasmonic light harvesting cell converts light into electricity, using plasmonic nanoparticles as the active, photovoltaic material. By replacing single-use batteries and adding aesthetic value, energy can become beautiful.
The first step will be to relocate out of Ångström Laboratory, Uppsala University. The new production facility will bring the capacity to produce prototypes and fine tune the production process, to be deployed at the customer’s production site, facilitating integration into their manufacturing.
“We are very happy to be able to establish our own production facility, which is what we need to commercialize our technology. We will also look to complement our team with some key competences to increase our capacity further,” says Cristina Paun, Co-founder of Peafowl.
“With this in place we really look forward to reach a wider market with our transparent light harvesting cells, which will make a true sustainability impact in many different applications.”
With the new facility in operation, initiated development projects with commercial partners within glass manufacturing, e-paper displays and consumer devices, will progress and new projects will be committed.
While the technology development and production will move to new premises, the research part of the company will remain at Ångström Laboratory, with its close connection to the academic environment, Uppsala University being recognized as world leading in plasmonics research.
“The characteristics of plasmonics are truly amazing and enables new and completely invisible energy solutions for electronics. The Peafowl technology makes it possible to power functionalities off the grid, which will become increasingly important,” says Anna Haupt, Investment Director at Industrifonden.
“We see huge potential in many product segments, and I look forward to supporting the stellar team of Peafowl in their mission of providing the world with green energy.”
“By combining frontier research in quantum physics with entrepreneurial drive, Peafowl is creating a new category of light energy harvesting technology, with the potential to redefine energy supply for electronics,” says Alex Basu, Investment Manager at Navigare Ventures.
“This is precisely the type of science-based firms Navigare Ventures is looking for, ones that can shift industries, and why we are excited to announce Peafowl as one of our first investments.”
In conjunction with this funding round, Peafowl Solar Power has changed name to Peafowl Plasmonics, which better describes the company’s mission to explore the unique characteristics of plasmonics and the technology that will be developed with it.
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