The manufacturer of copper indium gallium (di)selenide (CIGS) and CIGSe thin film modules says it is aiming to reach its target within the next 12 to 18 months. As such, the funding will go towards the acquisition of additional CIGSe equipment and ongoing research and development work.
The news follows the company’s recent announcement that it achieved 12.6 percent thin film efficiency.
The financing round was led by Intel Capital, which was joined by a group of leading European and U.S. clean tech investors who gave a 85 million in equity funding to Sulfurcell back in July 2008. The companys long-term investors, led by Vattenfall Europe (Berlin) and GdF Suez (Berlin/Paris), also contributed to the funding.
Sulfurcell CEO, Nikolaus Meyer commented: "The financing is the result of our great progress in 2010 in which we developed an industrial manufacturing process delivering thin film modules with efficiencies over 12 percent, while also ramping up our brand new 35 megawatt production plant and fully automated manufacturing facility. This additional funding from our existing investors is a vote of confidence that will allow us to accelerate our technological progress and to solidify Sulfurcells position as a global leader in CIGS/CIGSe technology."
Heiko von Dewitz, investment director at Intel Capital added: "The investment will allow Sulfurcell to continue the successful development of its leading edge CIGSe technology. The companys efforts align well with Intels focus on investing in the design, development and delivery of new technologies to address sustainability challenges."