Swedish solar technology firm Sol Voltaics has raised $21.3m to help commercialise its new technology for boosting solar panel efficiency, delivering the largest finance raise for a European solar technology company since 2015.
The cash will be used to accelerate the rollout of the firm’s solar efficiency technology, SolFilm, which it claims can boost the efficiency of a conventional solar panel by up to 50 per cent.
“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, in a statement. “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.”
Solar panels generally achieve efficiencies of roughly 20 per cent, depending on their manufacturer and the environment in which they are deployed.
SolFilm is a thin film technology that uses specially designed nanowires to help solar manufacturers deliver panel efficiencies of up to 27 per cent.
The technology is in the “final stages” of commercialisation, according to Sol Voltaics, with samples expected to be sent to partners by the end of next year.
Investors in the latest finance round include Norwegian firm Watrium AS, Blue Marlin AB, and Nano Future Invest. It takes the total raised for Sol Voltaics over the last 12 months to $38m.