30 June 2011

Industrifonden invests in nanowire GaAs PV firm Sol Voltaics

Venture capital company Industrifonden of Stockholm, Sweden is investing SEK18.5m ($2.93m) in Sol Voltaics AB of Ideon Science Park, Lund, Sweden, which is developing a new type of material that can reduce the cost of producing electricity from solar cells, it is claimed. The new share issue totals SEK40m, and the funds will be used to further develop Sol Voltaics’ products.

“They [Industrifonden] are Sweden’s leading cleantech investor and have extensive experience in our area,” says Sol Voltaic’s CEO Bo Pedersen. “With Industrifonden we now have a financially strong, knowledgeable investor that can help us to shift our expansion into higher gear,” he adds.

Founded in 2008, Sol Voltaics originated from nanotechnology research at Lund University. The firm is developing a new material and production method to manufacture solar cells, involving quickly fabricating nanowire from gallium arsenide, where every wire functions as a solar cell. The material has long been considered the best for producing solar cells, but to date has been too expensive to use, it is claimed. Sol Voltaics has developed a method that radically reduces the cost. The firm is still in the development stage, but now aims to intensify its development work and win its first customers.

“Sol Voltaics has an opportunity to offer the market the world’s most inexpensive solar cells, providing solar cell manufacturers and users with greater value, higher efficiency and increased production at a lower cost,” reckons Industrifonden investment manager Stefan Jakélius. “The market for solar cells is large and global and is practically bursting at the seams, especially in Germany, where the decision to phase out nuclear power could give solar cells an additional boost,” he adds.

Tags: Nanowire GaAs PV

Visit: www.solvoltaics.com

Visit: www.industrifonden.se/en