Sol Voltaics, a Sweden-based solar technology firm, has this week secured the largest round of funding in Europe’s solar sector since 2015, raising $21.3 million to bring its latest innovation to market.
The financing will be used to commercialize Sol Voltaics’ SolFilm – a patented thin-film comprised of Gallium Arsenide (GaAs) nanowires that can help boost conventional solar panel efficiencies by up to 50%.
Sol Voltaics is now in the final stages of optimizing this technology, having recently mastered the successful manufacture of nanowires using its patented Aerotaxy low-cost process.
The firm hopes to be able to send samples of its SolFilm thin film to client by the end of next year.
Investment was derived from a number of sources and backers, including Norwegian company Watrium AS. Other investors involved in funding the commercialization process are Kagra Gruppen AS, Nordic VC firm Industrifonden, FAM AB, Nano Future Invest, Blue Marlin AB and Teknoinvest AS.
Sol Voltaics initially raised $17 million in 2016 and has now attracted more than $38 million in financial backing for its innovation. “This latest round of finance gives us the critical capital required to commercialize our efficiency-boosting technology for the solar market,” said company CEO Erik Smith. “Having achieved our final major technology milestone with Aerotaxy earlier this year, we are now fully focused on reaching mass production of SolFilm.”