Sol Voltaics will get $9.4 million funding for developing nanotech
Norwegian investor Umoe and others investors were convinced to put their money, almost $10 million, to help the Sweden company work on nanotechnology which can be used for 25% more efficient solar cells.
A solar technology startup based in Lund, Sweden named Sol Voltaics made a deal to get more funding, over $9.4 million, because the initial sum of 6.2 million from a Swedish government agency is for the pilot production.
The company’s Solink nanomaterial may increase the energy output of the solar cells by 25%. The company got finanacial backing of a Norwegian investment company Umoe AS and other investor like including Industrifonden, Nano Future Invest, and Foundation Asset Management. Besides, a former chief technology officer at REC Solar named Erik Sauer has also invested.
The company managed to get the biggest loan in the history of Sweden offered by a government agency. The agency hopes that Sol Voltaics’ technology can provide green energy in a more affordable and efficient way.
“The combination of shortage of energy in the world and global warming trends presents a unique long-term opportunity of capitalizing on a trend towards alternative energy,” announced Jens Ullveit-Moe, Umoe’s CEO and former chairman of REC Solar. “The technology that Sol Voltaics is developing promises to be disruptive in the solar market.”
David Epstein, CEO of Sol Voltaics, says: “With this closing we now have the resources to take the company to pilot production. Together with strategic partners, we plan to demonstrate Wave Concentrated Photovoltaics using large quantities of nanowires on commercially viable solar cells.We are tremendously gratified to add the support oft he Swedish Energy Agency and Erik Sauer”
“We have two goals: to make solar more profitable for solar manufacturers and developers, and to lower the price of solar energy for consumers, utilities, and businesses. We look forward to demonstrating our technology later this year,” continued Epstein.
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