Sol Voltaics, a Lund, Sweden-based developer of novel nanomaterials for enhancing solar panels and other products, completed a $15.6m (SEK102m) in funding.
The financing includes a $9.4m equity round and a $6.2m loan from the Swedish Energy Agency loan.
Equity backers included Umoe, which joined Industrifonden, Nano Future Invest and Foundation Asset Management, Kent Janér and Erik Sauar.
The company intends to use the funds to take Solink™ nanomaterial into pilot production.
Led by David Epstein, CEO, Sol Voltaics produces Solink, a gallium arsenide additive for crystalline silicon or thin-film that enables solar modules to convert more of the sun’s light into electricity. Commercial production of Solink-enhanced modules will begin in 2015 and move into volume production in 2016.
Sol Voltaics. In conjunction with the round, Thomas Moe Borseth of Umoe and independent director Kang Sun, former CEO of JA Solar and CEO of Amprius, joined the company’s board.