Crystalsol, a Tallin-based photovoltaic start-up company, raised € 2.5m in a seed financing led by Conor Venture Partners and Energy Future Invest
Crystalsol will use the funds to accelerate the development of its powder based photovoltaic technology.
Dr. Thomas Badegruber, Managing Director of Crystalsol, said: “Being able to raise seed financing for an entirely new photovoltaic concept in times of industry consolidation proves the strength of our team and intellectual property portfolio.
According to an official statement, Crystalsol will be the world’s first photovoltaic company to commercialize the currently most promising new semiconductor material, copper-zinc-tin-sulfoselenide which eliminates the need for scarce metals such as indium and tellurium.
Crystalsol was founded in 2008 as a spin-off company from Tallinn University of Technology.