Innotech Solar AS (ITS), a renewable energy company specialising in enhancing output from solar cells, is receiving NOK51.7m (€6.07m) from Investinor, a Trondheim-based investment firm owned by the Norwegian Ministry of Trade and Industry.
The funds will be used to further develop the company.
Early in July 2009, Innotech Solar had completed a funding round of €6m led by the Sustainable Technologies Funds and Northzone Ventures.
Established in March 2008, the company is headquartered in Narvik, with administration and technology in Oslo and sales offices in Germany and China and a project development unit focusing on power plants in Switzerland.
Innotech Solar now has 42 employees. The employees hold 8 PhDs, 18 Masters and 10 Bachelor degrees, and all together they have more than 150 years of experience from the solar energy industry.