Sol Voltaics, a Lund, Sweden-based advanced materials startup, raised $17m in Series C equity ($12.5m) and grant funding ($4.5m).
The equity round was led by new investor Riyadh Valley Company (RVC), the venture capital investment arm of King Saud University in Riyadh, Saudi Arabia, with participation from Umoe, FAM, Industrifonden, and Nano Future Invest.
In addition, the Swedish Energy Agency and the European Union’s Horizon 2020 research and innovation program backed the company with over $4.5m in additional grants.
The company intends to use the funds to accelerate commercialization of its nanowire solar film tandem-layer technology.
Led by Erik Smith, CEO, Sol Voltaics is developing a high-volume production platform for its patented Aerotaxy® nanowire thin-film process, which aims to improve the efficiency and sustainability of conventional solar modules.
The company recently announced a major technological result with the alignment of gallium-arsenide nanowires in a thin film, which will enable photovoltaic (PV) module efficiencies of greater enhancement in energy generation compared to today’s solar panels.